Techno Їzhak and Stylus, two of the largest tech retailers in Ukraine, now accept bitcoin as payment for goods and services, according to a report by local news outlet Obozrevatel.
As a payment infrastructure provider, Whitepay acts as the infrastructure backbone to facilitate transactions between customers and merchants. Whitepay is under the same roof as WhiteBIT, one of Europe’s largest cryptocurrency exchanges.
Bitcoin can be used for online purchases with both retailers or at their respective retail outlets totaling over 100. For in-store purchases, Whitepay’s dedicated point of sale (POS) system prints a QR code on a receipt. traders can see the exchange rate, transaction type, network, commissions paid, and the time from the start to the end of the transaction.
Ukraine’s interest in and commercial use of Bitcoin increased significantly after the Russian invasion. Earlier, the country’s president signed a bill “On Virtual Currency” that provides the appearance of a legal framework for bitcoin to function in the economy, as the government has blocked it from accepting bitcoin donations at the time.
The signing of the bill followed the growing demand for the use of bitcoin as a daily currency, driven by the sending of bitcoin donations to military aid groups.
Ukraine’s minister of digital transformation, Mykhailo Fedorov, recently announced that $54 million in aid provided through Bitcoin and other cryptocurrencies was used to provide the intended military support.