Tascombank, one of many oldest banking establishments in Ukraine, has accomplished the pilot testing of a digital foreign money primarily based on the Stellar community. The financial institution believes that its digital cash platform represents an economically viable implementation of blockchain know-how.
Tascombank Conducts Exams With New Ukrainian Digital Foreign money
An “digital hryvnia” has been examined by Ukraine’s Tascombank in the course of the pilot section of a undertaking to create a foreign money with the Stellar community. Throughout the trials, the coin was utilized in settlements between consumers and sellers, the monetary establishment introduced in a report.
Operations with the brand new digital asset have been carried out in accordance with the present know-your-customer and anti-money laundering procedures, the financial institution identified within the doc, quoted by the crypto information outlet Forklog.
Tascombank additionally emphasised its analysis demonstrated an a variety of benefits of using blockchain, together with transparency in any respect phases of circulation and between all members within the transactions, elevated safety and confidentiality for person knowledge, low prices, and excessive capability.
The digital cash circulation scheme studied in the course of the pilot is an economically viable enterprise mannequin for utilizing blockchain know-how, the authors of the report elaborated, stating that they “take into account the pilot undertaking profitable and promising when it comes to additional product growth and implementation.”
The financial institution added that it plans to proceed its research on the issuance and circulation of blockchain-based digital cash. One of many areas its future analysis goes to cowl would be the attainable use of such foreign money in retail non-cash funds.
Tascombank additionally revealed that the Nationwide Financial institution of Ukraine (NBU) believes the outcomes of its pilot, which was launched on the finish of 2021, can be utilized by consultants at business and central banks to conduct additional evaluation.
In January of 2021, the Ministry of Digital Transformation in Kyiv selected the Stellar Growth Basis as a associate within the growth of the nation’s digital property ecosystem, together with infrastructure for NBU’s central financial institution digital foreign money (CBDC). In November, final yr, the NBU introduced a “draft e-hryvnia idea” to members of the crypto business, banks, and different monetary establishments.
Do you assume currencies like Tascombank’s e-hryvnia might be launched in parallel with government-issued CBDCs? Share your ideas on the topic within the feedback part under.
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