Tascombank, one of the oldest banks in Ukraine, has completed the trial run of its new digital currency built on the Stellar network. However, Tascombank is confident that its electronic money platform presents an economically beneficial utilization of blockchain technology.
Tascombank explores the possibilities of the new Ukrainian digital currency through extensive testing
In a first-of-its-kind experiment, Tascombank of Ukraine conducted the trial phase of their project to create an electronic hryvnia on Stellar’s decentralized network. As part of the tests, buyers and sellers used this digital currency for making transactions – results of which were revealed by the bank in its recent report.
As quoted by Forklog news outlet, the bank affirmed that operations with the new digital asset had been conducted according to current anti-money laundering and know-your-customer protocols. Tascombank’s research has revealed numerous advantages of blockchain, such as full transparency within the transaction and between all involved parties, heightened security measures for user data, cost efficiency, and a high capacity.
The pilot study revealed that the electronic money circulation scheme is a successful and profitable business model utilizing blockchain technology, enabling further product advancement and implementation. As noted in the report, this model promises future success.
The bank announced that it would advance its research into the issuance and circulation of blockchain-based electronic money. This study will explore how the new currency can be used in non-cash retail payments.
Tascombank divulged that the National Bank of Ukraine (NBU) is confident in the outcomes of its pilot program, which began towards the end of 2021. Furthermore, commercial and central bank experts can leverage these results to investigate deeper.
In January 2021, the Ministry of Digital Transformation in Kyiv chose Stellar Development Foundation as its trustworthy ally to build a digital asset ecosystem for Ukraine. Also, this includes infrastructure for NBU’s central bank digital currency (CBDC) that was presented by the National Bank of Ukraine (NBU) last November to crypto-businesses, financial institutions, and banks.