Ukraine has accelerated the promotion of the digital Grevna project and plans to carry out a pilot project this year

According to reports, Mykhailo Fedorov, the Minister of the Ministry of Digital Transformation of Ukraine, revealed in an interview that the Ukrainian authorities were speeding up the development of electronic Gryvna. It is reported that the initial plan is to start the pilot phase in 2024, but the government now hopes to do this this this year. In January 2021, the department selected Stellar Development Foundation as a partner in building the national virtual asset ecosystem, including the infrastructure of the Central Bank of Ukraine’s digital currency (CBDC). In November 2022, the National Bank of Ukraine (NBU) proposed a “draft concept of electronic Gryvna” to members of the cryptocurrency industry, banks and other financial institutions. In January this year, Tascombank tested the currency on the Stellar network. （Bitcoin.com）

Interpretation of this information:

The Ukrainian government is reportedly accelerating its development of the electronic Gryvna, with plans to begin the pilot phase this year instead of the original plan for 2024. This move was revealed by Mykhailo Fedorov, the Minister of the Ministry of Digital Transformation of Ukraine, in an interview. The government has already selected Stellar Development Foundation as a partner in building the national virtual asset ecosystem, including the infrastructure of the Central Bank of Ukraine’s digital currency (CBDC). The National Bank of Ukraine (NBU) had proposed a concept of electronic Gryvna to members of the cryptocurrency industry, banks, and other financial institutions in November 2022. Consequently, in January this year, Tascombank tested the currency on the Stellar network.

Electronic Gryvna is the digital currency that the Ukrainian government is developing, and it is expected to be available soon. It stands to revolutionize the country’s financial sector and provide numerous benefits, including reducing the cost of financial transactions and offering a safe, secure, and fast payment system. Ukraine is not the only government developing its digital currency, but it may be the first to start counting on its use. Electronic Gryvna will likely create numerous opportunities for businesses with new payment options that eliminate middlemen and reduce transaction fees. It is expected to be publicly available soon and rolled out soon in collaboration with the Stellar Development Foundation.

The three keywords that summarize this message are Electronic Gryvna, Stellar Development Foundation, and CBDC. The Ukrainian government has partnered with Stellar Development Foundation to develop the digital currency known as the electronic Gryvna, which is expected to start the pilot phase soon in collaboration with the CBDC. The use of electronic Gryvna is expected to revolutionize the country’s financial sector by delivering a safe, secure, and fast payment system and reducing the cost of financial transactions.