Tascombank, one of the oldest banking institutions in Ukraine, has completed the pilot test of a digital currency based on the Stellar network. The bank believes that its e-money platform represents an economically viable implementation of blockchain technology.
Tascombank conducts tests with new Ukrainian digital currency
An “electronic hryvnia” has been tested by the Ukrainian 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 said in a statement. report.
Transactions with the new digital asset were carried out in accordance with current know-your-customer and anti-money laundering procedures, the bank pointed out in the document, quoted by crypto newspaper Forklog.
Tascombank also pointed out that its research has demonstrated a number of benefits of using blockchain, including transparency at all stages of the flow and between all transaction participants, increased security and privacy for user data, low costs and high capacity.
The e-money circulation system studied during the pilot project is an economically viable business model for using blockchain technology, the report’s authors explained, stating that they “consider the pilot project to be successful and promising in terms of product development and implementation.
The bank added that it plans to continue its studies on the issuance and circulation of blockchain-based electronic money. One of the areas his future research will cover will be the possible use of this currency in non-cash retail payments.
Tascombank also revealed that the National Bank of Ukraine (NBU) believes that the results of its pilot project, which was launched at the end of 2021, can be used by experts from commercial and central banks to carry out further analysis.
In January 2021, Kyiv’s Ministry of Digital Transformation selected Stellar Development Foundation as a partner in the development of the country’s virtual asset ecosystem, including the NBU central bank’s digital currency infrastructure (CBDC). In November last year, the NBU presented a “draft e-hryvnia concept” to members of the crypto industry, banks and other financial institutions.
Do you think currencies like Tascombank’s e-hryvnia can be introduced alongside government-issued CBDCs? Share your thoughts on the subject in the comments section below.
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