The Ukrainian authorities are accelerating the development of the electronic hryvnia, a senior government official said. The executive branch in kyiv is now in talks with the central bank and the companies involved in the project to pilot the digital currency starting this year.
Minister says Ukraine aims to launch digital hryvnia earlier than planned
Ukraine’s Ministry of Digital Transformation wants to step up efforts to finalize the development of the nation’s electronic hryvnia (e-hryvnia), its head Mykhailo Fedorov revealed in an interview. The initial plan was to start the pilot phase in 2024, but the government now wants to do it this year.
The first blockchain transactions with digital hryvnia have already been made, Fedorov told the RBC-Ukraine business news portal. “It is being developed, I was recently presented with an electronic hryvnia based on the Stellar product,” the minister said.
In January 2021, the department selected Stellar Development Foundation as a partner in building the country’s virtual asset ecosystem, including the infrastructure for the digital currency of the central bank of Ukraine (CBDC).
The National Bank of Ukraine (NBU) presented a “draft e-hryvnia concept” to members of the crypto industry, banks and other financial institutions in November 2022. In January this year, Tascombank carried out tests with the currency in Stellar. grid.
The plan to introduce CBDC is included in the central bank’s Strategy 2025. Fedorov, who also serves as Ukraine’s deputy prime minister, said that he had written a letter to the NBU in which he insisted that it is necessary to accelerate the development of the electronic hryvnia. .
As prescribed by current Ukrainian legislation, the NBU must launch the digital hryvnia pilot in 2024, the digital minister reminded. “But we want to start this year, not postpone it to the next one,” emphasized Mykhailo Fedorov, who is also a cryptocurrency advocate.
Despite the ongoing conflict with Russia, Fedorov recently confirmed kyiv’s “very ambitious plan” to make Ukraine the most digitized country in the next two years.
“Digitalization will be the basis for reconstruction. We are making these reforms during the war”, Fedorov said Reporters on the sidelines of the World Economic Forum in Davos last month also vowed that the Eastern European nation will become “the best crypto jurisdiction in the world.”
Do you think Ukraine will be able to launch the digital hryvnia this year? Tell us in the comment section below.
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