Authorities at the Kyiv City State Administration (KCSA) are reportedly included Bitcoin in its Vision 2024 development program.
The news was announced on April 1 by iaftnews, a local online news outlet. The post says, the KSCA has been playing with the idea of introducing Bitcoin as a new payment method in public transport since 2018. But at the time, the idea was abandoned due to high Bitcoin rate.
One of the objectives on the KSCA’s 2024 program is to revamp Ukraine capital’s public transport infrastructure to the standards of major cities abroad. By the most part, Ukraine is still using the USSR’s legacy subway infrastructure. The move to add Bitcoin to payment methods would be part of their ongoing modernization efforts.
Kyiv’s public transport system uses e-tickets along the paper ones. And by 2024, Kyiv authorities aim to replace all paper tickets with electronic ones, starting with Kyiv Smart Card which is already used in subway, buses, trams, taxis, and trains.
In this light, it seems it should not be a big technical challenge to add support for Bitcoin.
To this end, the KCSA has formed a committee and if things go well, Kyiv’s public transport system may soon add an option to pay fares and other fees in Bitcoin. The KCSA officials hope these changes and innovations would lead to larger crypto adoption in the country.
As of now, more than 100 countries have legalized Bitcoin while there are only 10 countries where the use of crypto is outright banned. Following the green light given to cryptocurrencies by Ukraine’s financial market supervisory authority in May 2018, the country has begun to explore the possibilities related to the blockchain technology. Such was an idea of voting on the blockchain and a Ukrainian state cryptocurrency
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