Ukraine’s central bank is handling a new digital currency pilot program with the Stellar blockchain.
So, as per press release by FinTech firm Bitt, it will be working with TASCOMBANK.
Notably, it’s one of Ukraine’s oldest commercial banks. Of course, They will work together on piloting project to create an electronic version of Ukraine’s national currency “hryvnia” (UAH) on Stellar.
Furthermore, still in this pilot,
“the cross-company team will test the electronic hryvnia on the use cases of programmable…”
“payroll for public employees at Diia, an IT solutions enterprise,..”
“as well as for peer-to-peer payments and merchant payments.”
Of course, The Stellar project is under supervision by the National Bank of Ukraine, with the support of the Ministry of Digital Transformation.
Additionally, Oleksandr Bornyakov, the Deputy Minister of Digital Transformation of Ukraine confirms.
“This pilot project will serve as a technological basis for the issuance of electronic money,…”
“and is the next key step to advance innovation of payment and financial infrastructure in Ukraine.“
More so, According to press release, the Stellar project targets
“to pilot the issuance of electronic money on an open blockchain with asset-control capabilities for issuers.”
Additionally, TASCOMBANK will “build and test the regulated electronic hryvnia on Stellar, and…”
“it will be deployed on Bitt’s Digital Currency Management System (DCMS).”
Then, Bitt’s DCMS “encompasses a core monetary transaction network,…”
“a secure minting system, and a Digital Currency Operations Manager.”
Then, TASCOMBANK Chairman of the Board, Volodymyr Dubey explains further.
Additionally, “With the rapidly growing impact of virtual assets on our everyday life and…”
“economic landscape, it is essential to utilize the advantages of blockchain technology…”
“and new related products as a part of the bank’s long-term market strategy.”
Also, “Cooperation with Bitt to build on Stellar allows us to connect our core banking system…”
“with blockchain-based infrastructure, creating an ecosystem that includes a full range…”
“of banking products and operations with electronic currency on the Stellar blockchain…”
So, “Electronic currency paves the way to more sophisticated products in…”
“the virtual assets field that we are excited to explore.“
Lastly, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation adds.
So, “Stellar is an open network that was designed with asset issuance in mind,…”
“and is uniquely suited to assets like the electronic hryvnia…”
Then, “It offers issuers, like TASCOMBANK, a suite of controls that they can configure for their asset…”
“control needs while maintaining the interoperability and flexibility of an open ledger…”
More so, “We are excited that TAS and Bitt have chosen the Stellar network for this ground-breaking pilot.“