CBDC Pilot Project to Be Launched in Ukraine
A pilot program of digital hryvnia tested on the Stellar network was launched under the supervision of the National Bank of Ukraine.
Stellar Development Foundation announced in its blog about the pilot program’s start. The project’s main partners are the Ukrainian commercial bank Tascombank and the fintech company Bitt. The project is implemented with the general support of the National Bank of Ukraine and the Ministry of Digital Transformation (MDT).
It is planned to test digital hryvnia on the use cases of programmable payroll for public employees at Diia, as well as for peer-to-peer payments and merchant payments.
Bitt will implement a digital currency management system (DCMS), while the SDF will help Tascombank organize asset management and interoperability of the existing system with blockchain technology.
Oleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine, said that the project is intended to provide “a technological basis for the issuance of electronic money.” The Ukrainian government signed a partnership agreement with the SDF in January 2021 to develop infrastructure solutions and a CBDC implementation strategy.