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Ukraine National Digital Currency: Central Bank Completes Pilot Scheme

The central bank of Ukraine has completed a pilot scheme for E-Hryvnia which will be its National Digital Currency but not blockchain based.
The central bank of Ukraine has completed a pilot scheme for E-Hryvnia which will be its National Digital Currency but not blockchain based.

On the 22nd Day of February 2019, it was reported by the local press agency that the Central Bank of Ukraine has completed a pilot scheme for E-Hryvnia which will be its National Digital Currency but not blockchain based.

Aleksandr Yablonovskiy who is also the head of the payment networks and innovative growth department said that the pilot scheme began in December 2018. The National Bank of Ukraine (NBU), has been considering the concept for at least a year.

Ukraine is currently relying on heavy cash payments. The government appeared keen to change about the E-Hryvnia which was mentioned in previous announcements.

The lawmakers of Ukraine are making continued efforts to create adequate legislation which can cover the broader market of cryptocurrency. The reviews that have been received are mixed.

 

Ukraine: E-Hryvnia, not cryptocurrency:

Yablonovskiy further said that the bank will now be considering its next move as it analyzes the results of the pilot.  Yablonovsky further made it very clear that the e-hryvnia are not cryptocurrency.

 

Not blockchain:

In the month of January previous year, an announcement was made by the NBU that it was considering a digital version of its currency which is not based on blockchain technology.

Many factors lie behind the desires of state to issue digital versions of their fiat currency.

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Written by Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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