Ukrainian bank uses Stellar to launch electronic hryvnia pilot
Ukraine’s Ministry of Digital Transformation supports a Stellar-based private stablecoin project developed by a local bank. Tascombank, one of the oldest commercial banks in Ukraine, is launching a Stellar-based pilot for Ukraine’s national fiat currency, the hryvnia.The Stellar Development Foundation (SDF) announced on Tuesday a private electronic hryvnia pilot launched by Tascombank and fintech company Bitt.The electronic hryvnia pilot is being implemented under the supervision of the National Bank of Ukraine and is supported by the Ministry of Digital Transformation (MDT).Oleksandr....
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The Stellar Development Foundation (SDF) has been working with the Ukrainian government on their national Central Bank Digital Currency (CBDC) for a while. The collaboration has started to produce results as the SDF, Bitt, and TASCOMBANK recently deployed a pilot project for the electronic hryvnia on this network. Related Reading | An Introduction To Stellar And XLM: Mission, Control, And Consensus Per a press release, the partners will test the CBDC’s use cases and its programmable capabilities. These will be leveraged to pay employees at a company called Diia, and to perform....
Paying ministry employees in e-hryvnia could be a suitable first pilot for the central bank digital currency currently in development. Mikhail Fedorov, Ukraine’s Deputy Prime Minister and the head of the country’s Ministry of Digital Transformation, has revealed a possible early use case for the nation’s planned central bank digital currency (CBDC).In a recent interview published by Ukrainian media outlet TSN, the minister revealed considerations within the ministry to test out the CBDC by using the electronic currency in staff salary payments:“Frankly as one of the first pilots, we have....
Employees of Ukraine’s Ministry of Digital Transformation may become the first in the country to get their salaries in digital currency. The National Bank of Ukraine is developing an electronic version of the Ukrainian hryvnia and the ministry is considering the option of using the state-issued coin for remuneration. Government Employees to Be Paid With Digital Hryvnia The Digital Ministry is planning to compensate its employees with Ukraine’s central bank digital currency (CBDC), once the new hryvnia is ready for testing. In a recent interview with online news portal TSN,....
The decision to transition to electronic money was not entirely unexpected. Central banks all over the world are contemplating the concept of electronic money. Ukraine is on that list, and it looks like the Hryvnia will go digital in 2017. Additionally, there are big plans on the table to introduce blockchain technology in the country. One of the blockchain-based projects will focus on transferring state registers in Ukraine. Big changes will be coming to Ukraine’s economic ecosystem. Similarly to other countries around the world, there is a large focus on digitisation and blockchain....
The Stellar Development Foundation's work with Ukraine's government to digitize the hryvnia will officially launch this month.