Bitcoin has been steadily growing as a form of payment throughout the world, paving the path for a new, cashless era.
Late last year, both Argentina and Dubai announced that they would be supporting Bitcoin payments for their public transportation system.
This decision was welcomed with open hands by the younger generations, and the governments hope that this “experiment” will give further insights as of cryptocurrency’s impact in modern society.
Following these positive results, another country seems keen to follow.
Ukraine – A crypto-friendly ally
Ukraine, who is already working hands-on to establish a “cash only” public transport system, may soon start accepting cryptocurrency payments.
Some of you may not see this as “news” since the government of Ukraine already announced their plans to support cryptocurrencies in 2018.
The news regarding the prior decision of the council was posted on social media by Timur Khromaev, the head of the National Securities and Stock Market Commission (NSSMC).
According to his Facebook post Timur states, “This is an important first step in building a consensus among government agencies and financial regulators which confirms the readiness to work with the Verkhovna Rada and the crypto market on forming a legislative and a regulatory framework that will ensure transparency and quality of relations between investors and crypto market participants.”
Their plans, however, did not go as expected since the volatile prices led to a general sense of uncertainty within the space. Therefore, the plan to support cryptocurrencies was canceled.
And it is not until now – with an evident 200% price recovery since Bitcoin’s lows – that the country looks ready to, once again, take the big step and lead people to buy public transport tickets with Bitcoin.
How Kiev Plans To Introduce Bitcoin
According to iaftnews, the country has developed a strategy to introduce the new payment option gradually.
The country will initially start testing it in the country’s capital, Kiev, where people will have the opportunity to conduct cryptocurrency purchases on public transportation services.
The Kiev City State Administration (KCSA) explained that their decision is based on two factors:
Ukraine wants its transport system to be aligned with the transport infrastructure of other major countries, most of which have already eliminated cash as a payment option.
The country wants its citizens to have more extensive freedom of choice when it comes to payment options for public transport.
After all, if there is one place where there can be testing for new payment methods, it could certainly be one’s daily bus ride, the cab ride home or the subway.
But There Are Still Doubts
Contrary to the positive market sentiment, many locals still wonder whether this plan will follow through.
After all, most are still in disbelief, since the plan was canceled last year.
As mentioned above, the department decided to change their plans blaming the high volatility and “abnormally high” prices of the most popular cryptocurrency during early 2018.
According to them, such high prices would lead to a negative effect on the country’s mainstream cryptocurrency adoption and overall outlook on digital currencies.
Looking back, we can see that the plan was put on hold for the upcoming future, where a less volatile market would supersede, and more opportunity for a stable, long-term innovation would be possible.
Steps Towards Cryptocurrency Adoption
After the “cancelation” of the initial attempt to introduce cryptocurrencies to the public, chairman of Ukraine’s National Securities and Stock Market Commission, Timur Khromaev expressed his willingness to enhance the usage of cryptocurrency within the country.
In his Facebook posts, he made sure to mention that specific cryptocurrencies should be seen as financial tools and should be used to conduct payments and perform transactions.
All we can do now is wait and see if he will stay true to his word and follow through.
Smart Cards For Easy Transport
The government of Ukraine recently launched its public transport cards, the Kyiv Smart Cards.
The cards that started selling in February can be used on all forms of public transport, such as the bus, the train, trams, and taxis.
The Kyiv Smart Cards are solid proof of the country’s willingness to introduce cryptocurrencies and allow people to buy Bitcoin, effectively using it as a payment method.
With the introduction of cashless public transport payments and their (soon to come) implementation of cryptocurrency as an option, Kiev hopes to assist the mainstream adoption.
Therefore, if you are planning a business trip to visit Ukraine anytime soon, make sure you stock up on some Bitcoin to make your journey even more pleasurable.
Where Do We Go From Here?
It is evident that since the recent downturn of the crypto market, there has been a lot going on behind the scenes.
For one, there are now more projects than ever being built on the Blockchain, most of which aim to assist mainstream adoption one way or another.
The biggest project we are looking forward to is Facebook’s cryptocurrency, Libra, which will be rolled out early 2020, changing everything we know about instant digital payments.
So, where do we go from here? I can confidently say that we are headed towards a society that accepts and works hand-in-hand with crypto-related companies.
All we can do from here on is observe the massive impact this financial revolution will have on our generation.
I hope you enjoyed this article. Feel free to comment with questions you may have and let us know how you are using Bitcoin in your daily life.
Dimitris Tsapis is a writer for Paybis, one of Europe’s top cryptocurrency exchanges for purchasing bitcoin and other digital currencies quickly and easily.