Ukraine's largest bank PrivatBank is actively developing a Bitcoin payment system

  Ukraine’s largest bank by assets, PrivatBank , is reportedly now offering a new service to online retailers that allows them to accept Bitcoin as payment before converting it into fiat currency in the seller’s account .

Today, PrivatBank ’s head of e-commerce Christina Karmazin made a statement in the Ukrainian capital of Kiev that after completing the test, PrivatBank now offers Bitcoin as a settlement method for online retailers.

Ukrainian online publication Payspace Magazine reported the news, which was announced at the “Cross-border e-commerce: entering Ukraine” conference .

Essentially, buyers can pay with Bitcoin, while sellers will receive Hryvnias (Ukrainian currency unit) or Euros.

Elaborating on the new features, Karmazin said:

We have now completed the beta test service and traders are now looking for partners willing to accept Bitcoin on their checkout pages. In addition, we are also looking to expand this service to the entire European market, including Ukraine.

The checkout process is similar to most online shopping, and when reaching the checkout page, the buyer can select Bitcoin as a payment method. Once the QR code is scanned, the Bitcoin payment begins. To simplify the checkout process, PrivatBank will estimate the most recent exchange rate for the hryvnia or euro - depending on the currency specified - before converting the cryptocurrency into fiat currency.

Christina was also asked about the controversy surrounding the regulation of Bitcoin and cryptocurrencies. She confirmed that PrivatBank has submitted an application to the National Bank of Ukraine.

Bitcoin has been slowly being accepted in Ukraine, and according to a recent CCN report, some systems have been widely installed in ATMs in Ukraine.

PrivatBank did not respond to requests for comment by press time .