While almost all countries around the world are increasing research and testing of a central bank digital currencies (CBDC), a CBDC news came from Ukraine.
Tascombank, one of the oldest commercial banks in Ukraine, announced in a statement that it is preparing to test a digital version of the national currency, the hryvnia.
The electronic hryvnia pilot, which will be built and tested on the Stellar network, will test the effectiveness of the digital currency in public employees’ payroll, peer-to-peer payments and merchant payments.
Valeriy Danilenko, Tascombank’s vice president for e-commerce, said that the pilot was supported by the Ministry of Digital Transformation (MDT) and is under the supervision of the Central Bank of Ukraine.
Danilenko for the electronic hryvnia test “We aim to conduct a pilot as soon as reasonably possible and we are working on it with partners and stakeholders in Ukraine” used the phrases.
MFT deputy minister Oleksandr Bornyakov stated that the pilot project is “the next important step to advance payment and financial infrastructure innovation in Ukraine”.
It has been stated that the purpose of the Electronic Hryvnia pilot test, which is scheduled to start in 2022, is to test the issuance of electronic money on an open blockchain.
The Ukrainian government, which began work on digital currency implementations in early 2021, first partnered with the Stellar Development Foundation (SDF) for a central bank digital currency.