Bitcoin-Friendly PrivatBank Taken over by Ukrainian Government
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....
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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....
Despite Ukraine progressing with crypto regulation, locals are reportedly unable to buy Bitcoin using their bank accounts at PrivatBank. While the Ukrainian government has moved to legalize Bitcoin (BTC) amid the ongoing attacks from the Russian military, some of the largest local banks have reportedly banned their clients from buying BTC using the national currency.PrivatBank, the largest commercial bank in Ukraine, has temporarily restricted its customers from purchasing Bitcoin with the national currency, the hryvnia (UAH), industry publication Forklog reported on Thursday.Citing a....
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....
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....