29
March2018
New national digital cryptocurrency in Ukraine

New national digital cryptocurrency in Ukraine

The National Bank of Ukraine is going to launch its own blockchain-based digital currency.

According to the NBU, within the implementation of the Cashless Еconomy strategy, one will develop a blockchain platform, allowing to conduct immediate money transfers with minimal costs.

The National Bank representatives stress that creation of a single, transparent and efficient blockchain-based system will “solve all non-cash operations issues and satisfy demands of country’s payment market”.

One is going to implement the pilot project on the development and launch of the national blockchain platform by means of active payment market players who are ready to support the prospective idea. If the project starts successfully, the National Bank of Ukraine will likely adopt a decision to implement nationwide digital currency.

We would like to recall that the NBU developed and improved the Cashless Economy road map in autumn 2016 with one of paragraphs being the launch of blockchain-based electronic money. Following the plan, this paragraph should be implemented this year.

 

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