Ukrainian Government Pushes for Sooner Launch of Electronic Gryvna

02/15/2023 05:51 • Blockchain Buzz • 184 views

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

Interpret the above information:

The Ukrainian government is ramping up its efforts to launch its own digital currency, the electronic Gryvna, as revealed by Mykhailo Fedorov, the Minister of the Ministry of Digital Transformation of Ukraine. Originally scheduled for pilot testing in 2024, the government now aims to kick off the project by the end of 2021.

The Central Bank of Ukraine has partnered with the Stellar Development Foundation to develop the infrastructure for the electronic Gryvna, which will be the backbone of the country’s virtual asset ecosystem. In November 2022, the National Bank of Ukraine proposed a “draft concept of electronic Gryvna” to stakeholders, including cryptocurrency industry players, banks, and other financial institutions, to gather feedback on the proposed system.

The introduction of the electronic Gryvna aligns with Ukraine’s ambitious digital transformation agenda, which aims to digitize various sectors of its economy. The digital currency will also promote financial inclusion and boost the country’s economic competitiveness by reducing transaction costs and improving efficiency in financial transactions.

Furthermore, the electronic Gryvna is expected to provide the Ukrainian government with more control over its monetary policy, including the ability to track transactions, curb illicit activities, and facilitate the collection of taxes.

The use of Stellar’s blockchain technology as the infrastructure provider for the electronic Gryvna indicates a shift in Ukraine’s stance towards cryptocurrencies. Previously, the country had taken a cautious approach, with the NBU releasing several warnings about the risks associated with cryptocurrencies.

In summary, the Ukrainian government’s plan to accelerate the launch of the electronic Gryvna is a significant step towards achieving its digital transformation goals. The project’s success will depend on the government’s ability to manage the risks associated with digital currencies while also leveraging their potential benefits.

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