According to a local news source, Techno Zzhak and Stylus, two of the largest technology stores in Ukraine, now accept bitcoin as payment for goods and services.
Whitepay, a payment infrastructure provider, acts as the structural foundation for facilitating interactions between customers and retailers. WhiteBIT (one of Europe’s largest cryptocurrency exchanges) and Whitepay are under the same umbrella.
Both companies accept bitcoin for online purchases as well as at their more than 100 retail locations. For in-store transactions, the Whitepay POS system includes a QR code on the receipt. This code lets businesses view the exchange rate, transaction type, network, commissions paid, and transaction duration.
Following the Russian invasion, interest in and commercial use of bitcoin in Ukraine significantly increased. A bill called “On Virtual Currency” that the president of the country once signed into law gave bitcoin a legal basis for economic growth at a time when the legislation prohibited the government from accepting bitcoin donations.
The bill was signed after a rise in the use of bitcoin as a currency for daily transactions, caused by increased bitcoin donations to military-aid organizations.
Ukraine’s minister for digital transformation, Mykhailo Fedorov, recently stated that $54 million in aid received via bitcoin and other cryptocurrencies was used to fund the intended military support.
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