Despite the increasing difficulties, the need for cryptocurrencies cannot be overemphasized and has significantly contributed to the development of a reliable, open, and decentralized payment system in Ukraine.
Binance allows Ukrainian Pharmacies to receive Cryptocurrency
The Ukrainian pharmaceutical organization ANC is now willing to accept cryptocurrencies thanks to Binance Pay, making it the very first pharmacy organization in Europe to support contactless cryptocurrency payments.
The big regional chain ANC Pharmacy is looking to Binance to be increasingly productive in the context of the continuing conflict between Russia and Ukraine. According to a description of the January 3 corporate article, customers can purchase pharmaceutical supplies using the Binance Pay application mostly on iOS or Android, and then pick them up at a nearby store.
You will be able to enjoy quick payments while purchasing pharmacy goods starting on January 3, the corporate ad states. “Ultimately, individuals will have the option to utilize various cryptocurrencies as a form of payment for purchases made on ANC.UA”.
In more than 138 Ukrainian cities, ANC has more than 1100 pharmacies that it operates. Additionally, the pharmacy offers more than 22,000 items for cosmetics and health. Furthermore, it is one of Ukraine’s initial and unique robotic pharmacies.
Along with ANC pharmacies, stores run by ANC pharmacies like Kopiyka and Shara will also take Binance Pay. The partnership will make it possible for Ukrainians to buy any type of pharmaceutical goods without having to exchange their bitcoins for fiat currency.
The Conflict in Ukraine has seen a significant impact from cryptocurrencies. Payments to Ukrainian companies have become quicker and tools like airdrops have been leveraged to reach large audiences.
Binance’s effort to enter Ukraine
Over the last several years, Binance has actively promoted its existence in Ukraine. Binance collaborated mostly with Ukrainian supermarket brand Varus in September 2022, enabling users to pay for groceries using the Binance pay wallet.
In early February 2022, just a few weeks before Russian soldiers attacked Ukraine, Kirill Khomyakov, the general manager of Binance Ukraine, stated in an interview with Coin Telegraph that the company’s top priority for the year was to roll out a Binance card in the country.
Khomyakov claims that while cryptocurrency-derived transactions are not prohibited in Ukraine, payments made using functions like Binance Card do not violate Ukrainian legal requirements. Local rules, however, prohibit direct transactions in cryptocurrencies such as Bitcoin.
Crisis Times Demand Innovation
Lately, the nation’s national bank expressed interest in exploring potential uses for Central Bank Digital Currencies (CBDCs). As part of the nation’s larger digital innovation strategy, these potential applications include supporting cryptocurrency exchanges, retail transactions, and cross-border operations.
During the continuing crisis, Ukraine’s upcoming CBDC and payment system, called E-hryvnia, might increase transparency and boost confidence in the national currency. Cryptocurrencies play a vital part in Ukraine’s military endeavors as the state bank persists to experiment with and investigate potential applications for the CBDC.
The decision made by the Ukraine nation to accept Binance can only make payment and transactions easy via the use of phones and software as instructed by Binance. This will also contribute to the development of Ukraine and facilitate the adoption of decentralized payment methods in Ukraine.