{"id":16475,"date":"2023-01-15T11:47:29","date_gmt":"2023-01-15T11:47:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ukraines-tascombank-pilots-stellar-based-e-hryvnia-fintech-bitcoin-news\/"},"modified":"2023-01-15T11:47:29","modified_gmt":"2023-01-15T11:47:29","slug":"ukraines-tascombank-pilots-stellar-based-e-hryvnia-fintech-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ukraines-tascombank-pilots-stellar-based-e-hryvnia-fintech-bitcoin-news\/","title":{"rendered":"Ukraine\u2019s Tascombank Pilots Stellar-based E-hryvnia \u2013 Fintech Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

Tascombank, one of the oldest banking institutions in Ukraine, has completed the pilot testing of a digital currency based on the Stellar network. The bank believes that its electronic money platform represents an economically viable implementation of blockchain technology. <\/strong><\/p>\n

Tascombank Conducts Tests With New Ukrainian Digital Currency<\/h2>\n

An \u201celectronic hryvnia\u201d has been tested by Ukraine\u2019s Tascombank during the pilot phase of a project to create a currency with the Stellar network. During the trials, the coin was used in settlements between buyers and sellers, the financial institution announced in a report<\/a>.<\/p>\n

Operations with the new digital asset were carried out in accordance with the current know-your-customer and anti-money laundering procedures, the bank pointed out in the document, quoted by the crypto news outlet Forklog.<\/p>\n

Tascombank also emphasized its research demonstrated a number of advantages of employing blockchain, including transparency at all stages of circulation and between all participants in the transactions, increased security and confidentiality for user data, low costs, and high capacity.<\/p>\n

The electronic money circulation scheme studied during the pilot is an economically viable business model for using blockchain technology, the authors of the report elaborated, stating that they \u201cconsider the pilot project successful and promising in terms of further product development and implementation.\u201d<\/p>\n

The bank added that it plans to continue its studies on the issuance and circulation of blockchain-based electronic money. One of the areas its future research is going to cover will be the possible use of such currency in retail non-cash payments.<\/p>\n

Tascombank also revealed that the National Bank of Ukraine (NBU) believes the results of its pilot, which was launched at the end of 2021, can be used by experts at commercial and central banks to conduct further analysis.<\/p>\n

In January of 2021, the Ministry of Digital Transformation in Kyiv chose<\/a> the Stellar Development Foundation as a partner in the development of the country\u2019s virtual assets ecosystem, including infrastructure for NBU\u2019s central bank digital currency (CBDC<\/a>). In November, last year, the NBU presented<\/a> a \u201cdraft e-hryvnia concept\u201d to members of the crypto industry, banks, and other financial institutions.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
Bank<\/a>, Blockchain<\/a>, CBDC<\/a>, Crypto<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Currency<\/a>, Digital Currency<\/a>, e-hryvnia<\/a>, Stellar<\/a>, Tascombank<\/a>, Ukraine<\/a>, ukrainian<\/a><\/div>\n<\/div>\n

Do you think currencies like Tascombank\u2019s e-hryvnia can be introduced in parallel with government-issued CBDCs? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Denys_UA \/ Shutterstock.com<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n