electronic hryvnia’ pilot project deploys on Stellar: Ukrainian CBDCs
The Ukrainian government is moving towards the adoption of the electronic Hryvnia in collaboration with crypto project Stellar.
More than 90% of the central banks of dominating countries are doing their development and research in the Central Bank Digital Currency (CBDCs). As we know that Blockchain-based CBDCs technology is a new thing, in terms of providing better potential and Security for the Central banks, so the majority of the Central banks are working under partnership or collaboration with the Fintech or crypto companies.
Ukraine is one of the countries, which is working to bring electronic Hryvnia live, to advance the payment system of Ukraine. Recently Ukraine and Stellar produced some significant results like SDF, Bitt, and TASCOMBANK. All the pilot programs are deployed on the Steller network.
According to a recent press release, all the partners of this CBDCs development of Ukraine with Stellar will test the project perfectly to ensure the programming capability and potential.
According to Bitt PR, this project is under the supervision of the National Bank of Ukraine. On this, Oleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine, commented on the initial phase of the CBDCs development and testing. He said:
“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.”
Partners in this project will strongly ensure the “asset-control capabilities for issue”s”. And the banking institutions of Ukraine will be in charge of the testing of CBDCs by partners.
The latter company has been in charge of developing a blockchain stablecoin with the use of its payment bridge for the National Bank of Belize. And the main aim of this CBDCs development is to generate a number of opportunities to grow economically.
Hryvnia on Bitt’s Digital Currency Management System (DCMS) will ensure the privacy of the data of users. But still, the government authorities will be able to access it under necessary needs to identify a user.
“Security is designed-in, to use secure defaults, minimize attack surfaces and provide defense-in-depth. Independent modules allow each component to scale independently of others, allowing automatic adjustment to meet variable demands.”
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