Not So Private: Ukraine Nationalizes Failing Privatbank, Bitcoin Spikes
Ukraine’s biggest lender Privatbank may need to change its name after the government acquired 100% of its shares Monday. Privatbank Failure Would End In ‘Panic’. The newly nationalized bank had reportedly built up huge debts resulting from insider loans going unpaid, with sources saying its failure would cause “panic.” “Other banks would not be getting their loans back from PrivatBank, a series of bankruptcies would begin, and there would be panic,” Oleksandr Savchenko, head of Kyiv’s International Institute of Business, had told local news publication Kyiv Post back in October. Privatbank....
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The government of Ukraine has nationalized the country’s largest bank, Privatbank, a bitcoin-friendly bank, to prevent a meltdown caused by alleged insider lending, according to Deutsch Welle. Privatbank has allowed merchants to receive bitcoin payment before converting it into cash. Ukraine’s government reported that it now fully owns PrivatBank and guarantees uninterrupted functioning of the bank and the safety of client funds. The bank controls a third of the country’s deposits and has branches in Baltic nations. Insider Loans Cause Problems. The bank loaned money to outsiders that may....
Ukraine's largest bank PrivatBank has included Bitcoin (among other currencies), enabling online merchants to accept bitcoins directly from customers. Headquartered in Dnipropetrovsk, Central Ukraine, PrivatBank has been at the forefront of technological innovation. The bank's Head of e-Commerce, Cristina Karmazin, recently announced that PrivatBank has concluded testing its new service that allows online merchants and e-commerce portals to directly accept Bitcoin payments from their customers. She was speaking at the "Cross-border e-Commerce: the Import to Ukraine" conference held earlier....
Established financial institutions have intensively looked into blockchain technology. Leading global banks such as the Commonwealth Bank of Australia, PrivatBank, and others that are part of financial services company R3's blockchain conference have begun the development of a blockhain-based banking network, which will allow their clients and other financial institutions to settle transactions and identities securely with significantly lower costs. PrivatBank. One of Ukraine's biggest banks, PrivatBank, announced the "finalization of testing period for a service providing merchants with....
The government of Ukraine has announced its plans to nationalize the country’s Bitcoin-friendly bank, PrivatBank. The government, in a statement released on Sunday, mentioned that it has taken over the bank to prevent a potential financial meltdown which may disrupt the country’s economy. The statement read, “[The government is now a] 100 percent owner of PrivatBank and guarantees the uninterrupted functioning of this institution and the safety of its clients’ money.” The government’s decision comes after certain bad decisions on PrivatBank’s part led to the bank giving out bad loans to....
PrivatBank, Ukraine's largest bank by assets is now offering online retailers the ability to receive Bitcoin as a payment before directly converting it into fiat currency that is deposited into the merchant's account, as reported by PSM7. Upon the completion of its testing, PrivatBank is now offering online retailers the means to obtain a settlement in Bitcoin. The announcement was made by Christina Karmazin, head of E-Commerce at PrivatBank at a conference in Kiev, Ukraine today. Ukrainian online publication Payspace Magazine, reported the news that was revealed at the "Cross-border....