As war efforts continue, the daily demand for bitcoin in Ukraine grows.
Techno zhak and Stylus, two of the largest technology retailers in Ukraine, now accept bitcoin as payment for goods and services, according to a report from the local news source Obozrevatel.
Whitepay, a payments infrastructure provider, facilitates transactions between customers and merchants as the infrastructure's backbone. Whitepay is a subsidiary of WhiteBIT, one of the largest cryptocurrency exchanges in Europe.
Bitcoin can be used
with both retailers for online and in-store purchases, which total over 100 locations between them. Whitepay's custom point-of-sale (POS) system prints a QR code on receipts for in-store purchases, allowing merchants to view the exchange rate, transaction type, network, commissions paid, and duration of the transaction.
As a result of the Russian invasion, Ukrainian interest in and commercial utilization of bitcoin have increased significantly. Previously, the president of the country signed a bill titled "On Virtual Currency" into law, which provided a legal framework for bitcoin to function in the economy, as previous legislation prohibited the government from accepting bitcoin donations.
The signing of the bill followed an increased demand for bitcoin’s use as a daily currency which was prompted by the influx of bitcoin donations being sent to military aid groups.
Mykhailo Fedorov, Ukraine’s minister for digital transformation, recently that $54 million of aid provided through bitcoin and other cryptocurrencies was used to provide the intended military support.
Humphrey Arinze Chukwu 29 w
This is a welcome development