Ukraine Accelerates Development of Electronic Gryvna

02/15/2023 05:51 • AI Insights • 96 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

Analysis based on this information:

The Ukrainian authorities are fast-tracking the development of electronic Gryvna, the country’s proposed national digital currency. Mykhailo Fedorov, the Minister of the Ministry of Digital Transformation of Ukraine, announced in an interview that they are aiming to begin the pilot phase of the project this year, instead of the initial plan of 2024. This move is expected to position Ukraine as a significant player in the global race towards digital currencies, with China currently leading the pack in the development of its digital yuan.

The Central Bank of Ukraine’s digital currency (CBDC) infrastructure will be built in partnership with Stellar Development Foundation, which was selected by the department in January this year. Stellar is known for its blockchain and payment technologies that enable low-cost and fast transactions. The partnership with Stellar is expected to provide the necessary expertise in developing an electronic Gryvna that can function seamlessly and securely.

In November 2022, the National Bank of Ukraine sent a “draft concept of electronic Gryvna” to cryptocurrency industry members, banks, and other financial institutions. This move demonstrated the intention to include stakeholders in the early stages of the electronic Gryvna’s development, ultimately leading to buy-in from various groups. Similarly, the testing of the currency on the Stellar network by Tascombank in January 2021 indicates progress towards actualizing the electronic Gryvna, as the pilot phase will require a system ready to test.

One of the key benefits of digital currencies like electronic Gryvna is their potential to reduce corruption and promote transparency. With electronic Gryvna, transactions can be monitored, making corrupt activities easier to detect, and reducing the likelihood of bribery and fraud. The electronic Gryvna, as a central bank digital currency, will be backed by the government and will have a stable value compared to other cryptocurrencies, making it a more reliable and less volatile investment for the Ukrainian people.

In conclusion, Ukraine’s plan to accelerate the development of electronic Gryvna represents a significant step towards the country’s digitalization and transformation. With the potential benefits of improved transparency and accountability, the adoption of an electronic Gryvna can help to strengthen the country’s economy and improve the lives of its citizens.

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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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