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Ukraine’s Push for Electronic Gryvna Unveiled

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According to reports, Mykhailo Fedorov, the Minister of the Ministry of Digital Transformation of Ukraine, revealed in an interview that the Ukrainian authorit…

Ukraines Push for Electronic Gryvna Unveiled

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

Interpretation of the news:


The Minister of the Ministry of Digital Transformation of Ukraine has announced that the country is ramping up its efforts to develop an electronic version of its currency, the Gryvna. According to reports, the initial plan was to begin testing the pilot phase of the electronic Gryvna in 2024, but authorities want to launch it this year.

The government has been working towards this goal for some time, having selected the Stellar Development Foundation as a partner in January 2021 to build the national virtual asset ecosystem, which will include the infrastructure for the Central Bank of Ukraine’s digital currency (CBDC).

Furthermore, in November 2022, the National Bank of Ukraine (NBU) presented the “draft concept of electronic Gryvna” to members of the cryptocurrency industry, banks, and other financial institutions. The proposal was made following the success of other countries’ initiatives to create CBDCs.

The testing of the e-Gryvna began in January this year, with Tascombank running integration tests on the Stellar network. This test run was meant to provide insights into the scalability and usability of the e-Gryvna, as well as its potential to coexist with traditional currencies.

The move towards an electronic currency is a part of Ukraine’s broader plan to foster digital transformation and innovation in the financial sector. It also aims to ensure financial inclusion and democratization by increasing access to financial services, especially for the unbanked population.

The introduction of the e-Gryvna will have a significant impact on the Ukrainian economy, with the potential to provide stability and improve transparency. It could minimize the risks associated with cash-based transactions, including corruption and money laundering.

In conclusion, Ukraine’s push for an electronic Gryvna signals its commitment towards driving digital transformation and innovation in its financial sector. With progressive steps like this, the country is poised to transform its economy and drive growth.

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