Major network with almost 5,000 payment terminals now sells BTC in Ukraine

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A network of 4,900 BNK-24 terminals spread across Ukraine now allows the local users to easily buy Bitcoin in exchange for fiat currency. The network – operated by the Ukranian National Credit Bank – sells vouchers that the customers can later exchange for cryptocurrency with a new company called BTCU.

The users have to deposit cash in one of the available terminals in order to receive a voucher containing an activation code. The voucher can be printed or sent via an SMS message to the user’s phone. Then the Bitcoiners only have to go to BTCU’s website to enter the activation code and request their cryptocurrency.

According to Coindesk, BTCU launched the service this month. One of the company’s founders, who wants to be known only as Stanislav, says that BTCU’s goal “is to give Ukrainian people the possibility to join the Bitcoin ecosystem” without any of the usual hassle users have to overcome in other countries.

To calm the doubt of some critics, Evgeniy Dumchev, the National Credit Bank executive in charge of the payment terminal business, has already confirmed that the machines now allow users to buy Bitcoin.

And although some still question the validity of the project, taking into account Bitcoin’s cloudy legal status in Ukrania, BTCU’s project is working and charging rates around 3.5 percent. Even Evgeniy Dumchev admits that “the process is quite grey according to Ukrainian legislation”.

Image courtesy of Roman Skaskiw via Coindesk

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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