cbdc, central bank, concept, crypto, crypto assets, cryptocurrencies, cryptocurrency, digital currency, discussion, draft, e-hryvnia, feedback, hryvnia, national bank of ukraine, project, ukraine, ukrainian, virtual assets

The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the e-hryvnia. The regulator is currently considering several potential applications for its digital coin, including retail payments and cross-border settlements.

Ukraine’s Monetary Authority Introduces Banks and Businesses to E-hryvnia Project

The National Bank of Ukraine (NBU) has presented a draft concept for its future central bank digital currency (CBDC) to representatives of banks, other financial institutions and participants in the crypto market. The regulator seeks feedback on the possible issuance of this version of the national fiat currency, the hryvnia.

The main purpose of the e-hryvnia will be to supplement the cash and non-cash forms of the Ukrainian money, the monetary policy regulator explained in an announcement published on Monday. The plan is to make it accessible to all segments of the population, legal entities, state bodies, the banking and financial sectors.

The project was launched in September, last year. Since then, the NBU has been exploring the feasibility of a large-scale issue of the digital currency. In a quoted statement, the bank’s Deputy Chairman Oleksiy Shaban emphasized that the development and implementation of the e-hryvnia can be the next step in the evolution of Ukraine’s payment infrastructure and elaborated:

[The e-hryvnia] will contribute to the digitalization of the economy, the further spread of cashless payments, the reduction of their cost, the increase in the level of their transparency, and the increase of trust in the national currency in general.

During the meeting with the interested parties, the NBU presented the draft design of the e-hryvnia, its architecture, characteristics and advantages for payment service providers, including the option for instant payments. The bank took into account the results of a survey of financial market experts on the demand for a digital hryvnia, which was conducted in 2021.

The National Bank of Ukraine is now considering several possible implementations of the e-hryvnia. Among them is the use of the CBDC for retail non-cash payments, targeted social and other government payments, and smart contracts.

The coin can also be employed to facilitate the circulation of digital assets, including issuance, exchange and other related operations. “The e-hryvnia can become one of the key elements of the qualitative infrastructure development for the virtual assets market in Ukraine,” the central bank believes. It can also enable cross-border payments, making them faster, cheaper and more transparent.

Ukraine is yet to comprehensively regulate its digital currency space. Last fall, the parliament in Kyiv, the Verkhovna Rada, adopted a bill “On Virtual Assets” which was signed into law by President Volodymyr Zelenskyy in March 2022 after certain revisions that he requested.

The country’s securities watchdog was recently tasked to prepare amendments to the tax legislation necessary to enforce the law. Meanwhile, work has begun to update it in accordance with the EU’s standards in the field. Ukraine has been relying on crypto donations to fund its defense and humanitarian efforts during the ongoing military conflict with Russia.

TECH NEWS RELATED

Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo's ASIC Fleet in Texas

After the publicly-listed bitcoin mining firm Argo Blockchain suspended trading on Nasdaq and the London Stock Exchange, the company said it would follow up the next day with an announcement. The following day, on Dec. 28, 2022, Argo detailed it is selling its Helios facility to Galaxy Digital for ...

View more: Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo's ASIC Fleet in Texas

FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF 'Expected to Enter a Plea' in Fraud Case

According to court documents, Sam Bankman-Fried (SBF) is set to be arraigned by the federal court in the Southern District of New York (SDNY) on Jan. 3, 2023. The disgraced FTX co-founder plans to enter a plea in his fraud case in front of U.S. judge Lewis Kaplan in ...

View more: FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF 'Expected to Enter a Plea' in Fraud Case

Onchain Sleuths Discover Funds Linked to Alameda Swapped for ETH, USDT, BTC by a Mysterious Entity

On Dec. 27, 2022, a number of onchain researchers noticed that funds connected to Alameda Research and FTX have moved and have been swapped for other tokens. Reports show the hacker known as the ‘FTX Accounts Drainer,’ traded large sums of ERC20 tokens for digital assets like tether, ethereum, ...

View more: Onchain Sleuths Discover Funds Linked to Alameda Swapped for ETH, USDT, BTC by a Mysterious Entity

FTX Customers File Class Action to Claim Assets Within Bankruptcy Case

A group of customers are now suing FTX in an attempt to become the first to recover funds from the insolvent cryptocurrency exchange. The lawsuit, filed as part of the bankruptcy case in Delaware, seeks a court ruling recognizing that their holdings with the trading platform belong to them ...

View more: FTX Customers File Class Action to Claim Assets Within Bankruptcy Case

The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

2022 has been an interesting year for stablecoin assets as the market capitalization of the entire stablecoin economy lost just over $28 billion in value. Moreover, more than $3 billion has been erased from the stablecoin economy during the last 23 days as BUSD shed roughly 23.3% during the ...

View more: The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

Argentine Senate Mulls Crypto Advertisement Regulation

The Argentine senate is discussing a preliminary project that would regulate the way in which individuals and organizations promote crypto. The objective of the project, which is still under discussion, would be to educate consumers on the dangers of investing in crypto and also to protect them from investing ...

View more: Argentine Senate Mulls Crypto Advertisement Regulation

Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot

Gumi, a Japanese mobile gaming company, has partnered with Square Enix and SBI Holdings to build new business opportunities around the metaverse. The deal, which also includes the issuance of new stock valued at $52.7 million dollars, will allow the company to acquire financial and content creation experience. Gumi ...

View more: Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot

Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

Venezuelan Banks have started eyeing the accounts of customers with ties to cryptocurrency trading, principally related to peer-to-peer (P2P) transaction activity. According to Legalrocks, a crypto and blockchain-focused legal firm in Venezuela, more than 75 accounts have been blocked by Venezuelan private banks for facilitating crypto-to-fiat and fiat-to-crypto conversions ...

View more: Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse

Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher

Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

Crypto Supporters Sift Through the Graveyard of Technical Indicators That Failed to Predict Bitcoin’s Bottom

'Oil Prices North of $200' per Barrel — Investor Expects Oil to 'Crush' Every Investment in 2023

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

More Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse

Argentine Soccer Association AFA Partners With Upland to Enter the Metaverse

Blockchain Based Climate Tech Startup YES WORLD Reaches 100k Holders Mark, Holders Doubled in 2 Months

Report: R&B Artist Akon Denies Claims His Crypto City Dream Is Crumbling

OTHER TECH NEWS

Top Car News Car News