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Ukraine is expected to install 150 bitcoin ATMs in the country by the end of the year, with 30 expected to be in place by the end of August.

According to Mike Chobanyan, the co-founder of NGO Bitcoin Foundation Ukraine and the head of KUNA Bitcoin Agency, a firm that supports bitcoin users in Ukraine, a group of entrepreneurs have ordered the 150 bitcoin ATMs into the country; however, their identity remains a secret.

The Kyiv Post reports that Chobanyan said:

Nobody wants to get called out. It’s now time of trouble (in Ukraine) and nobody wants to show that they have money.

The World Bank states that in 2014 the GDP growth for Ukraine fell to -6.6 percent, declining even further in 2015 to -9.8 percent. Despite headwinds with the country, though, it saw a 2.3 percent rise in growth in 2017. However, the World Bank is projecting a drop in growth to 2.0 percent for 2017 as escalations in the East may factor into investors’ fears, knocking the economy’s recovery.


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It states:

While a number of important reforms have advanced in recent months, a further acceleration in reforms is needed to boost investor confidence and bolster economic recovery.

Chobanyan states that it is because of the troubled Ukrainian banking system that the entrepreneurs want to install the bitcoin ATMs.

He added:

There is constant demand from entrepreneurs across Ukraine who want to engage in this (cryptocurrency) business.

According to CoinRadarATM, Ukraine currently only has one bitcoin ATM, which is located in the city of Odessa. Installed at the end of April, customers are able to buy and sell bitcoins for cash at the machine.

Once the 150 machines have been installed they will reportedly support several digital currencies such as bitcoin, ethereum, 15th ranking currency waves and 129th ranking digital currency golos.

As bitcoin slowly gets adopted in Ukraine – the country’s largest bank by assets, PrivatBank, is reported to have made it possible for online retailers to accept the digital currency – the installation of the machines will push for wider acceptance of bitcoin.

Featured image from Shutterstock.

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Posted by Rebecca Campbell