#Cashless Economy

It has been argued many times that for purposes of money laundering and conducting black market activities Bitcoin in fact does not even come close to its predecessor—hard cash. In fact, some go as far as to claim it is foolish to rely on Bitcoin for traditional illicit activities while cash still exists.

The financial world is getting ready for a cashless society of the future. Not the one lacking physical banknotes and coins, but the one lacking cash as the element of individuals’ financial freedom, no matter how limited it may be.

People around the crypto space like to talk about the old days. I mean, really old, when people were exchanging pretty shells instead of money. And look at us now: Bitcoins, wire transfers, futures contracts for stuff you’ll never get, and other sorts of financial speculation for rich and poor to enjoy.

Ukraine’s National Bank (NBU) concedes using blockchain technology to issue electronic version of the country’s national currency hryvnia. Electronic hryvnia may be issued as part of the National Bank’s project Cashless Economy.

As ForkLog reported earlier, a group of crypto-enthusiasts from Ukraine is attempting to launch a blockchain platform designed for banking that could become a fully-fledged alternative to Visa and MasterCard, and provide financial institutions with full functionality to run their operations.

Recent statements from the National Bank of Ukraine signify the regulator’s intent to use blockchain technology in their Cashless Economy project.