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The Ukrainian authorities are accelerating the development of the electronic hryvnia, a high-ranking government official noted. The executive power in Kyiv is currently negotiating with the central bank and businesses involved in the digital currency pilot project already this year.
The minister says that Ukraine aims to launch the digital hryvnia earlier than planned
The Ministry of Digital Transformation of Ukraine wants to intensify work on completing the development of the electronic hryvnia (e-hryvnia), its head Mykhailo Fedorov said in an interview. The original plan called for the pilot phase to begin in 2024, but the government now wants to do it this year.
The first blockchain transactions with the digital hryvnia have already been carried out, Fedorov told the RBC-Ukraine business news portal. "It is developing, I was recently presented with an electronic hryvnia based on the Stellar product," the minister said.
In January 2021, the agency chose the Stellar Development Foundation as a partner in building the country's virtual asset ecosystem, including the infrastructure for the digital currency of the Central Bank of Ukraine ( CBDC ).
In November 2022, the National Bank of Ukraine (NBU) presented to representatives of the crypto industry, banks and other financial institutions the "project of the electronic hryvnia concept". In January of this year, Taskombank conducted currency tests on Stellar. network
The CBDC implementation plan is included in the NBU Strategy until 2025. Fedorov, who is also the Deputy Prime Minister of Ukraine, said that he had written a letter to the NBU in which he insisted on the need to speed up the development of the electronic hryvnia. .
According to the current Ukrainian legislation, the NBU should launch a digital hryvnia pilot in 2024, the Digital Minister reminded. "But we want to start this year, and not postpone it for the next," emphasized Mykhailo Fedorov, who is also a supporter of cryptocurrency.
Despite the ongoing conflict with Russia, Fedorov recently confirmed Kyiv's "very ambitious plan" to make Ukraine the most digitalized country within the next two years.
"Digitalization will be the basis for recovery. We are carrying out these reforms during wartime,” Fedorov told reporters on the sidelines of the World Economic Forum in Davos last month, also promising that the Eastern European country would become “the best crypto jurisdiction in the world.”
Author: GEximius
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