Today Stellar announced that it’s working on a pilot with Ukraine’s commercial bank TASCOMBANK to use electronic hryvnia. Employees of government organization Diia will receive their salaries with the programmable money, which will also be used for peer-to-peer and retail payments.
The National Bank of Ukraine is supervising the project and has an existing contract to use the Stellar blockchain to explore electronic money and central bank digital currency (CBDC).
The regulated e-money will be issued on the open Stellar blockchain and deployed using Bitt’s Digital Currency Management System (DCMS), which includes minting money, a transactions network and the ability to manage all operations. The key is the connection with existing banking systems. Bitt has a track record with CBDC (Nigeria, Eastern Caribbean) and stablecoins (Belize).
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