certify
Home arrow Article arrow Article Detail

Ukraine Tascombank Pilots Stellar-based E-hryvnia

Profile Image

Joyashree Dey Follow

INDIA

Jan, 18 2023

Jan, 18 2023

likes | comments 0

Article Image

Ukraine's Tascombank has tested an "electronic hryvnia" as part of an effort to develop a currency using the Stellar network. The financial organisation revealed in a study that the coin was utilised throughout the testing in transactions between buyers and sellers.


The bank noted in the paper, which was cited by the cryptocurrency news outlet Forklog, that transactions involving the new digital asset were completed in line with the laws currently in place on know-your-customer and anti-money laundering.


Tascombank also emphasised that its analysis revealed a number of advantages of employing blockchain, including openness between all parties involved in the transactions and at all stages of circulation, increased security and confidentiality for user data, low costs, and high capacity.


The authors of the report elaborated, stating that they "consider the pilot project successful and promising in terms of further product development and implementation." The electronic money circulation scheme studied during the pilot is an economically viable business model for using blockchain technology.


The bank added that it planned to continue investigating the development and application of blockchain-based electronic currency. One of the subjects of its future research will be the potential use of such currency in retail non-cash payments.


Tascombank also revealed that the National Bank of Ukraine (NBU) believes experts at commercial and central banks can use the results of their pilot, which began at the end of 2021, to conduct additional research.


In January 2021, the Ministry of Digital Transformation in Kyiv chose the Stellar Development Foundation as a partner for the development of the country's ecosystem for virtual assets, including the construction of the NBU's central bank digital currency (CBDC). In November of last year, the NBU delivered a "draught e-hryvnia concept" to leaders of the cryptocurrency industry, banks, and other financial institutions.


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities

Following this week's accusations filed by the US Securities and Exchange Commission against two significant cryptocurrency exchanges, the brokerage business Robinhood has chosen to delist few firms;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.