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Ukraine Commercial Bank to Pilot Electronic Hryvnia Developed on Stellar

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rolled hryvnia

Tascombank is developing a Stellar-based pilot for Ukraine’s national fiat currency, the hryvnia.

Source: Stellar Development Foundation

XLM USD up +1.94%

On December 14, the Stellar Development Foundation (SDF) disclosed a private electronic hryvnia pilot unveiled by Tascombank and fintech company Bitt.

The electronic hryvnia pilot is being developed under the supervision of the National Bank of Ukraine and is backed by the Ministry of Digital Transformation (MDT).

Oleksandr Bornyakov, deputy minister of the MDT, stated that the pilot program will offer a technological foundation for the issuance of electronic money and is the future of advancing innovation of payment and financial infrastructure in Ukraine.

SDF CEO Denelle Dixon stated the regulated electronic hryvnia will be privately issued e-money on blockchain innovation, developed under Ukraine’s current e-money regulations.

The initiative will test the issuance of electronic money on open blockchain technology, and Tascombank is responsible for developing and testing the electronic hryvnia on Steller.

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