Ukraine Is Looking To Start Accepting Bitcoin Payment For Kiev’s Public Transport System
Ukraine Is Looking To Start Accepting Bitcoin Payment For Public Transport
Ukraine's government is looking to upgrade its public infrastructure to the levels of other major cities of the world. The upgrade programme initiated by the government is also looking into the merits and demerits of availing Bitcoin payment for the commuters on public transport.
The pilot project for Bitcoin as payment might start soon in the capital city of Kiev. Authorities at the Kiev City State Administration (KCSA) has already formed a committee to look into the matter and if things go as planned, we might see Kiev city's public transport system with an option to pay fares and other fees in Bitcoin.
According to an inside source with the knowledge of the working plan commented,
“The question has already been raised in 2018, but this idea had to be temporarily abandoned, given the cost of bitcoin at that time. Now, as you know, bitcoin has fallen heavily in price, which opens up new opportunities.”
Ukraine Is Looking Into Availing Bitcoin Payment Since August 2018
The first news of KCSA looking to avail Bitcoin payment option arose back in August 2018, where the committee was planning to introduce Bitcoin payments for Bus fares. But for some unknown reasons, the plans never materialized into a working model.
The initiative to add the crypto payment option is part of the KCSA plans to revamp the public transport infrastructure. The mission seems to be on a full-swing since only this February the authorities launched Kyiv Smart Cards – A prepaid card that offers all forms of public transport. The interested people can buy these cards from the government-owned portal.
The Plan Is To Make Public Transport Free From Any Kind Of Physical Ticket By 2024
The authorities have set a 2024 deadline to make the public transportation free from any kind of physical tickets. Kiev plans to make all its public transport system only utilizing the e-ticketing infrastructure. The e-ticketing services are based on the public commute infrastructure in Dubai and Argentina, where the public has access to some form of e-ticketing services backed by prepaid cards like NOL card in Dubai and SUBE travelcard in Argentina.
The Kyiv Smart Card can be used on the subway, buses, trams, route taxi, electric trains, etc. The new revamp is being done keeping the megacities in the world which are using technology to make it easier to commute for the common public and tourists alike.
According to reports, countries like Argentia already has made available the Bitcoin payment for topping up the travel credit card like SUBE travelcard.
KCSA Is Hoping That Public Commute System With Bitcoin Would lead To Larger Adoption Of Crypto
The KCSA officials are hoping that the changes and advancements in the e-ticketing payment services would also lead to larger crypto adoption in the country. If the current plans move smoothly, then the officials might also introduce a single bitcoin ticket for all modes of transport in Kiev.
If the plans get the nod from the responsible authorities and a working model is put in place accordingly, Ukraine might see a surge in crypto adoption. In mid-2018, the chairman of Ukrainian security commission has demanded to legalize various cryptocurrencies as he believes that if they lag behind now, there would be no further point of return, as the world has already moved quite ahead in crypto adoption.
The move from KCSA to offer Bitcoin payment options on its public commute system shows how far the adoption has grown in just a couple of years for the Bitcoin. Even though the bear markets had kept the prices of Bitcoin on the lower side, it has not really made an impact on its adoption. People and banks have realized that the future lies in crypto.
As of now, more than 100 countries have legalized Bitcoin while there are only 10 countries where the use of crypto is outright banned. The bitcoin naysayers might still call it a bubble while forgetting that it's them who are living in their own bubble. Most of the nations around the globe have created a dedicated committee to look into the merits of crypto, and with the next bull run just around the corner, the number of merchants accepting Bitcoin is going to surge further.