Tuscombank successfully tested digital coins based on Stellar

Taskombank, one of the oldest Ukrainian banks, has successfully completed testing of a digital currency based on Stellar. The management of the bank came to the conclusion that this is an economically viable form of payment. The Tascombank report on the results of the pilot project indicates that the new digital coins were 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 new digital coins an economically viable model for using the blockchain and considered the project promising. Specialists will continue to explore the possibility of issuing and circulation of coins for blockchain-based settlements, including for use in retail non-cash payments. The results of the 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, representatives of Tuscombank noted. “Successful testing of our own digital coin proved that the blockchain can indeed be used to issue new forms of money that are safe to use and accessible to the public.. The insights gained from testing will be useful to public and private organizations, as these findings have real value for business and 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.