Cryptocurrency

25/02/19 09:01 UTC-4

Ukraine has completed a scheme for creating a national currency – e-hryvnia

Ukraine: electronic currency
Ukraine: electronic currency

The Ukrainian Central Bank has completed a pilot scheme for its national digital currency, – Interfax-Ukraine, local press agency.

The National Bank of Ukraine (NBU), which has been considering the concept for at least a year, began the pilot in December 2018, the head of its payment networks and innovative growth department Aleksandr Yablunivsky revealed.

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"At the end of last year, we began a practical experiment, a tool for NBU employees was released in accordance with the current methodology, in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
to evaluate aspects of its practical use and the ability of the central bank to implement future projects, as well as receive feedback from users"

Currently, Ukraine relies heavily on cash payments, which the government seems to have sought to change in previous statements about the electronic hryvnia creation scheme.

Ukraine has completed a scheme for creating a national currency – e-hryvnia. Ukrainian lawmakers are continuing efforts to create adequate legislation to cover the wider cryptocurrency market.

Yablunivsky added that the bank will now consider its next step, as it analyzes the results of the project: "You can even say that we are ahead of world leaders in the national digital currency, given that we have taken a step in conducting practical research."

Yablunivsky also clarified that the electronic hryvnia should not be confused with cryptocurrency: "We are not talking about cryptocurrency, we are talking about the digital currency of the central bank. It can be implemented using both centralized and decentralized registry technology."

 

Digital currency not based on blockchain

In January 2018, the NBU announced that it was considering a digital version of its currency, not based on blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology.

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As reported by the Cointelegraph, various factors underlie the desire of states to release digital versions of their paper currency. In the case of the most well-known example, the controversial Venezuelan Petro, the digital tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
formed a second negotiable currency, still under the auspices of the central government.

Editor: Alyona Nabok

See also: "Hardfork Tron – price growth against the background of future updates"

#Ukraine #electroniccurrency #hryvnia #NBU

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