Tascombank Successfully Tests Digital Currency Based on Stellar Network
• Tascombank, one of the oldest banking institutions in Ukraine, has successfully completed the pilot testing of a digital currency based on the Stellar network.
• The bank reported that operations with the new digital asset were carried out in accordance with the current know-your-customer and anti-money laundering procedures.
• They believe that the electronic money circulation scheme studied during the pilot is an economically viable business model for using blockchain technology.
Tascombank, one of the oldest banking institutions in Ukraine, has recently completed the pilot testing of a digital currency based on the Stellar network. This currency, referred to as the „electronic hryvnia“, has been tested for its potential to be used in settlements between buyers and sellers. The bank reported that the operations with the new digital asset were carried out in accordance with the current know-your-customer and anti-money laundering procedures. They believe that the electronic money circulation scheme studied during the pilot is an economically viable business model for using blockchain technology.
The bank pointed out the many advantages that come with employing blockchain technology when it comes to money circulation. These advantages include transparency at all stages of circulation and between all participants in the transactions, increased security and confidentiality for user data, low costs, and high capacity. It is also believed that the implementation of this technology could be a major help in the retail non-cash payments sector.
The National Bank of Ukraine (NBU) has been notified of this development and is currently looking into the implementation of the electronic hryvnia. The NBU is one of the key players when it comes to the successful implementation of digital currency in Ukraine and is interested in the concept of digital currency. The NBU is currently looking at the potential for digital currency to be used for payments and settlements in the country.
Tascombank is confident that the successful pilot test of the electronic hryvnia is a major step forward in the implementation of blockchain technology. They believe that the results of the pilot are promising and are looking forward to further developing and implementing the product. They also plan to continue their research on the issuance and circulation of blockchain-based electronic money. This research is likely to include the potential use of such currency in retail non-cash payments.
Overall, the successful pilot testing of the electronic hryvnia is a major milestone in the potential implementation of blockchain technology in Ukraine. Tascombank is confident in the results of the pilot and is looking forward to further developing and implementing the product. The National Bank of Ukraine is also interested in the concept of digital currency and is currently looking into the potential for digital currency to be used for payments and settlements in the country.