Ukraine Accelerates Development of Electronic Gryvna
According to reports, Mykhailo Fedorov, the Minister of the Ministry of Digital Transformation of Ukraine, revealed in an interview that the Ukrainian authorit…
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.
This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/02/15/ukraine-accelerates-development-of-electronic-gryvna/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
What coin anonymity (the most powerful anonymous coin)
What coin anonymity According to cryptonews, according to Coinmarketcap data, Bitcoin has strong anonymity. Although the Cryptocurrency market can be regarded as a very powerful indicator, it cannot be highly monitored like stocks. For example, between February 2017 and January 2018, only a small number of people purchased BTC; So far, less than half (15%) of users have invested in tokens such as ETH or LTC; And now there are almost no trading pairs or exchanges. What currency can provide the best anonymity? There are two ways for anonymous coins, one is to protect the security of funds in digital asset wallets through private keys, and the other is to use encryption technology to obtain user identity data The most powerful anonymous coinAccording to Coinmarketcap data, the market value of anonymous coins as of the time of publication was 5.28 billion US dollars. Among them, USDT’s market value exceeds 1 billion US dollars; BTC accounts for approximately 12% of the…
-
#Cryptocurrency Market Witnesses A Strong Rebound – Reports JPM
According to reports, JPM stated in a research report last week that despite recent regulatory headwinds, the cryptocurrency market rebounded strongly last month, with Bitcoin outp
-
What does ksm coin mean (what is the value of ksm coin)
What does ksm coin mean? According to the KuCoin exchange, KSM tokens are a type of digital currency. Like Bitcoin and Ethereum, ksm coin is also a token issued by a project, representing a payment system based on blockchain technology. In this special network, users can use their wallets and private keys to trade these funds without the need for third-party software, such as hardware devices such as computers, to transfer funds or perform other operations. They can also participate in nodes in the network by inserting wallets and various dApp functions through their phones or web browsers Specifically, in order to facilitate everyone’s understanding of what ksm currency means, there are three main points: 1. What is it? It is an encrypted asset generated through computer algorithms; Its value is as simple and clear as what people use to purchase things What is the value of ksm coinsAccording to official information, what is the value of ksm coins in…
-
Integrating Twitter with iMe Smart Platform: A Game-Changer for Crypto Transactions
On April 7th, the Telegram API based messaging intelligent platform iMe Smart Platform announced that its client has integrated Twitter. Users can send supporte
-
NFT platform Magic Eden launches Web3 Game Center: A Combination of Gaming and NFT Markets
According to reports, NFT platform Magic Eden launched Web3 Game Center Magic Eden Games. When working with Magic Eden Games, each game receives its own \”Explor
-
Musk seeks to end a $258 billion “dog money” lawsuit
According to reports, on March 31, Musk requested a US judge to dismiss a $258 billion lawsuit. Musk\’s lawyer said that investors have never explained how Musk intends to deceive o
-
The UK Department of Science, Innovation, and Technology’s Role in Promoting the Metaverse and Web3
According to reports, an unauthorized public speaker stated that the newly established Department of Science, Innovation and Technology in the UK will promote t
-
A Comprehensive Guide to Hamster’s Support for Move based Sui Network
According to reports, the Web3 security development environment and middleware engine Hamster have announced full support and compatibility for the Move based S
-
Understanding the Current State of the Bitcoin Network
It is reported that according to BTC.com data, the number of unconfirmed transactions across the Bitcoin network is 24982, the network computing power is 307.41
-
Contango Digital Assets Raises $1.2 Million in Seed Round Financing
On March 24th, Contango Digital Assets, a blockchain venture capital firm, announced the completion of a $1.2 million seed round financing, involving a group of