Taskombank has successfully tested a digital hryvnia based on Stellar

Taskombank, one of the oldest Ukrainian banks, has successfully completed testing of the digital hryvnia based on Stellar. The bank's management concluded that it was an economically viable form of currency. Taskombank's report on the results of the pilot project indicates that the digital hryvnia was used in settlements between buyers and sellers. The transactions were carried out in accordance with the current Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. During testing, Taskombank revealed a number of advantages of using blockchain: transparency at all stages of transactions, a higher level of security, ensuring the confidentiality of user data, low commission costs and accelerated settlements. The authors of the report called the digital hryvnia an economically feasible model for using blockchain and considered this project promising. Therefore, researchers will continue to explore the possibilities of issuing and circulating blockchain-based hryvnia, including its use in retail non-cash payments.. The results of this pilot project, which was announced at the end of 2021, can be used by specialists from commercial and central banks to conduct their own research, Tuscombank said. “Successful testing of the digital hryvnia proved that the blockchain can indeed be used to issue new forms of money that are safe to use and accessible to the local population.. The insights gained from this testing will be useful to public and private organizations, as these findings have real value for businesses and ordinary citizens,” said Denelle Dixon, CEO and CEO of the Stellar Development Foundation. Recall that in November, the National Bank of Ukraine (NBU) introduced the concept of its own digital currency. The Central Bank explained that the digital hryvnia will perform the functions of money, complementing the cash and non-cash forms of the state currency.