According to a report from local news source Obozrevatel, two of the biggest technology retailers in Ukraine, Techno Їzhak and Stylus, now accept Bitcoin as payment for goods and services.
Whitepay, a payment infrastructure provider, acts as the framework for facilitating transactions between customers and merchants. WhiteBIT is one of the largest cryptocurrency exchanges in Europe while Whitepay operates within the exchange’s ecosystem.
Both Techno Їzhak and Stylus accept Bitcoin for online purchases and at their combined 100+ individual retail locations. Payments are conducted by using Whitepay's customized point-of-sale (POS) system that prints a QR code on a receipt for in-store transactions. This process allows for merchants to view the exchange rate, transaction type, network, commissions paid, and the duration of the transaction.
Following the Russian invasion, interest and commercial use for Bitcoin in Ukraine has significantly increased. President Zelenksy signed a “On Virtual Currency” measure law back in March that provided Bitcoin a legal framework to function within the country’s economy. Prior to the bill being signed, legislation prohibited the government from receiving Bitcoin donations.
After the bill was passed, demand for Bitcoin increased significantly as a daily medium of exchange that was brought on by a surge of Bitcoin donations for citizens and military assistance organizations.
Ukraine’s minister for digital transformation, Mykhailo Fedorov, recently announced that $54 million in aid was received via Bitcoin and other cryptocurrencies to be used for funding intended military support.