Ukrainian bank has launched a project to issue e-hryvnia

It will test an electronic hryvnia in handling payroll for civil servants

15.12.2021 - 11:15

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What’s new? Ukraine's commercial bank, Tascombank, has launched an electronic hryvnia. It was created and tested on the Stellar network and deployed with the global fintech platform Bitt's digital currency management system (DCMS). This is announced by the Stellar Development Foundation.

Information on the Stellar Development Foundation website

What does the bank's representative say? Valeriy Danilenko, deputy chairman of the board of Tascombank who is responsible for e-commerce, said the project is supported by the Ministry of Digital Transformation of Ukraine. According to him, the electronic hryvnia will be created following existing Ukrainian e-money legislation.

“We aim to conduct a pilot project in the shortest reasonable time, and we are working on this together with partners and stakeholders in Ukraine.”

What is the project aimed at? It will test a payroll scenario with employees of Diia, a state-owned IT solutions company. Danilenko added that Tascombank is still considering the candidates to take part in the pilot project, as it involves private individuals, merchants, and institutions.

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