Ukraine accelerates development of electronic Gryvna

02/15/2023 05:51 • Daily Digest • 107 views

According to reports, Mykhailo Fedorov, the Minister of the Ministry of Digital Transformation of Ukraine, revealed in an interview that the Ukrainian authorities were speeding up the development of electronic Gryvna. It is reported that the initial plan is to start the pilot phase in 2024, but the government now hopes to do this this this year. In January 2021, the department selected Stellar Development Foundation as a partner in building the national virtual asset ecosystem, including the infrastructure of the Central Bank of Ukraine’s digital currency (CBDC). In November 2022, the National Bank of Ukraine (NBU) proposed a “draft concept of electronic Gryvna” to members of the cryptocurrency industry, banks and other financial institutions. In January this year, Tascombank tested the currency on the Stellar network. （Bitcoin.com）

Ukraine has accelerated the promotion of the digital Grevna project and plans to carry out a pilot project this year

Interpretation of the news:

Ukraine’s Ministry of Digital Transformation is making headlines for ramping up plans to develop electronic Gryvna, the country’s digital currency. According to reports, the government aims to launch the pilot phase of the digital currency system ahead of time, moving it from its initial plan of 2024 to an earlier date this year.

The decision to speed up the development of the electronic Gryvna is a significant move for Ukraine as it would help the country transition into a more digital economy, and better prepare it for the future. It was reported that Stellar Development Foundation will partner with the country in building the national virtual asset ecosystem. It will also help in developing the necessary infrastructure for the Central Bank of Ukraine’s digital currency (CBDC).

The National Bank of Ukraine proposed a “draft concept of electronic Gryvna” in November of 2022, which was presented to members of the cryptocurrency industry, banks, and other financial institutions. This concept received a favorable response from industry experts as it outlines a progressive and modern approach to digital currency.

In January 2021, Tazkombank tested the digital currency on the Stellar network, which further strengthened the country’s readiness to embrace a digital economy. This test is crucial in its sense that it indicates the practicability and security of the electronic Gryvna.

It is believed that the development of electronic Gryvna will help Ukraine to solve challenges that traditional financial systems cannot adequately address in areas such as cross-border payments, counterfeiting, and money laundering, among others. Embracing digital currency also helps Ukraine to reduce operational costs as it eliminates intermediaries, and improves efficiency as transactions are real-time, secure and almost instantaneous.

In conclusion, the acceleration of electronic Gryvna by the Ukrainian government is a significant development that will position the country as a trailblazer in digital currency. The successful implementation of this digital currency will set a precedent for other nations in Eastern Europe and beyond to begin adopting digital currency approaches.

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Ukraine accelerates development of electronic Gryvna

Ukraine has accelerated the promotion of the digital Grevna project and plans to carry out a pilot project this year

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