Ukraine began testing its own CBDC on the Stellar platform. Citizens will be able to receive wages in eUAH.
Stellar platform in Ukraine.
Testing of the digital hryvnia began in Ukraine. The digital currency will work on the XLM platform (all information about the functionality of the platform you can find by clicking on the link). The first institutions to test CBDC were fintech startup Bitt and Tascombank – one of the oldest banks in the country, founded in 1989. One of the bank’s features is that it is the only financial market player allowed by the National Bank of Ukraine (NBU) to participate in the removal of insolvent banks from the market. Since 2019, Taskombank is included in the list of systemically important institutions. The owner is Serhiy Tigipko, former presidential candidate, head of the NBU in 2002-2004, and co-owner of Monobank online banking.
Startup Bitt acts as a solution provider for Tascombank’s secure storage and distribution of digital hryvnia.
The National Bank acts as the curator of the trials. The project is implemented with the support of the Ministry of Digital Transformation. The deputy head of the ministry – Oleksandr Bornyakov – confirms: a successful pilot will lay the foundation for the issue of electronic hryvnia, or eUAH.
The digital hryvnia is based on the Stellar (XLM) platform. Denelle Dixon – head of the Stellar Development Foundation – confirms: tests have already started. During the testing, salaries in eUAH will be accrued to employees of the “Dia” service, a Ukrainian platform for access to public and social services built on the blockchain.
The XLM exchange rate has not yet reacted to the news. The cryptocurrency is fluctuating within the normal range, which corresponds to the market average.
