Ukraine to Launch Blockchain-based National Currency

News and Analysis

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.

“Currently the NBU is working on making creation of such a software and hardware solution possible. Its implementation may build nationwide, transparent and efficient payments platform with minimum transaction expenses and nearly instant remittances from one participant to another,” the NBU’s press release reads.

The first phase of the project implies pilot run of e-hryvnia. This project will involve interested players of the country’s payments processing market on voluntary basis.

Once the project has been implemented and its results are assessed by the National Bank, the regulator will decide whether rolling out e-hryvnia on nationwide scale is reasonable.

The NBU has first presented the roadmap for Cashless Economy depicting official plans of employing blockchain technology to optimize acquiring and create an alternative for card-to-card payments in November 2016.

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