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Ukraine hryvnia pilot on Stellar launched by TASCOMBANK and Bitt » CryptoNinjas

Blockchain and fintech firm Bitt and TASCOMBANK, considered one of Ukraine’s oldest business banks, have launched a pilot undertaking to problem an digital hryvnia on Stellar.

As a part of the pilot, the cross-company staff will check the digital hryvnia on the use circumstances of programmable payroll for public workers at Diia, an IT options enterprise, in addition to for peer-to-peer funds and service provider funds.

This undertaking is being applied below the supervision of the National Bank of Ukraine and with the assist of the Ministry of Digital Transformation.

Deputy Minister of Digital Transformation of Ukraine, Oleksandr Bornyakov, famous, “This pilot project will serve as a technological basis for the issuance of electronic money, and is the next key step to advance innovation of payment and financial infrastructure in Ukraine.”

“Cooperation with Bitt to build on Stellar allows us to connect our core banking system with blockchain-based infrastructure, creating an ecosystem that includes a full range of banking products and operations with electronic currency on the Stellar blockchain. Electronic currency paves the way to more sophisticated products in the virtual assets field that we are excited to explore.”
– TASCOMBANK Chairman of the Board, Volodymyr Dubey

The goal of the undertaking is to pilot the issuance of digital cash on an open blockchain with asset-control capabilities for issuers. TASCOMBANK will construct and check the regulated digital hryvnia on Stellar, and it will likely be deployed on Bitt’s Digital Currency Management System (DCMS).

Bitt’s market-proven DCMS encompasses a core financial transaction community, a safe minting system, and a Digital Currency Operations Manager.

“Bitt is excited to work with a leading blockchain network like Stellar to leverage its many benefits, including greater flexibility that aligns with the electronic hryvnia’s specific needs. Bitt’s DCMS will equip TASCOMBANK with all of the technology required to securely mint, store, issue, distribute, and redeem the electronic hryvnia. In a country that has been quick to adopt a variety of digital currency technologies and applications, we see a bright future for the electronic hryvnia and many use cases that will bring value in Ukraine and beyond.”
– Brian Popelka, CEO of Bitt

Importantly, the regulated digital hryvnia will probably be constructed below the present e-money laws of Ukraine. The cost companies regulation—which can govern the circulation of digital cash and future issuance of a digital forex below the authority of the National Bank of Ukraine—is anticipated to take impact in 2022.

“Stellar is an open network that was designed with asset issuance in mind and is uniquely suited to assets like the electronic hryvnia. It offers issuers, like TASCOMBANK, a suite of controls that they can configure for their asset control needs while maintaining the interoperability and flexibility of an open ledger. We are excited that TAS and Bitt have chosen the Stellar network for this pilot.”
– Denelle Dixon, CEO and Executive Director of the SDF

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