PrivatBank has finished testing new cryptocurrency payment service and is looking for online retailers that would add bitcoin option to their check out page.

The news was revealed by Kristina Karmazina, manager of the PrivatBank's e-commerce department at the conference Crossborder e-Commerce: Import Into Ukraine. Concerning the legal side, the bank has already filed a request with the national financial regulator National Bank of Ukraine.

“We have finished testing the service and we are looking for partners that would be ready to integrate bitcoin into their checkout pages. We are orientated not only at the Ukrainian market but also at the European,” Karmazina said.

Payment in bitcoin using PrivatBank's new service can be done simply by scanning an QR code. PrivatBank then converts bitcoin into Ukrainian hryvnas or dollars and transfers funds to the merchant's account. Previously it was possible to cash out bitcoins using PrivatBank's plastic cards in any ATM, as well as to buy bitcoins with hryvnas through its Privat24 system.

Recently the National Bank of Ukraine adjusted regulation of the financial sector and sent official invitation to PayPal to open their office in Ukraine. The changes to the legislation included new requirements for businesses and financial institutions concerning the transparency of transactions. In September NBU declared that Ukraine would not ban bitcoin and that the National Bank is interested in bitcoin as a means to switch to cashless transactions.

Sonya Belova