In a context of war and crisis Ukraine will create its digital currency
Hello dear readers, I would like to share with you the progress that Ukraine is making in terms of updating its economic and financial system, considering that in the current context of war and crisis the Ukrainian state will create its digital currency.
According to information published in the main Ukrainian news media, the National Bank of Ukraine took another step on the way to the creation of its own digital currency, the e-grivna, in a context of war and crisis, the European country is aiming at the monetary instrument with which it seeks to digitize its economy.
The institution stated in a press release that the draft concept of the e-grivna is presented with the intention of receiving feedback from the banking, financial and virtual asset sector on Ukrainian soil.
The e-grivna is an electronic form of the monetary unit of Ukraine, which will be a direct obligation of the central bank. Its key purpose is to effectively perform all functions of money, complementing the cash and non-cash forms of the hryvna, the central bank states in its press release.
The e-grivna project is old. There was already talk of a cryptoasset based on the national currency of Ukraine since 2018, and last year studies were started by the central bank to determine the feasibility of large-scale issuance of the e-grivna.
The bank also notes that, hand in hand with the e-grivna, the market for virtual assets such as Bitcoin and cryptocurrencies could also develop its infrastructure with high quality on Ukrainian soil, as they intend that these will have a greater circulation from the issuance of the e-grivna.
SOURCES CONSULTED
Bank.gov.ua The NBU presented the draft concept of e-hryvnia to participants of the payment market and virtual assets market. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Cryptopolitan.
Hello @lupafilotaxia, In the midst of the crisis that Ukraine is currently experiencing, any proposal as an alternative for the economic movement of large and small cryptocurrency holders is important and will be well received even worldwide.
Dear @lupafilotaxia
Creating own digital currency by Ukraine doesn't seem to make much sense to me. They need access to cash more than anything. It will take years for them to rebuild all infrastructrue destroyed by Russian forces.
In smaller towns, access to electricity is still a huge problem. To go from current state of things they are now to implementing digital currency ... I feel that it's a veryyyy long road.
Ukraine was very "backward" even before the war. Now things will get only worse. I don't see this e-grivna being a succesful project.
Hope you're having great weekend :)
Cheers, Piotr
I think having digital currency is not enough but the main thing is the features. Like india soon will announce the digital currency and they are working on it but i don't think it making sense because it is fully centralized and backed by indian goverment banks. It's not like bitcoin, so there is no benefit of this type digital currency. Thank you for solid content...