Ukrainian TASCOMBANK pilots e-hryvnia

The objective of the project is to pilot the issuance of e-money on an open blockchain with asset-control capabilities for issuers

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Ukrainian TASCOMBANK pilots e-hryvnia. Source: unsplash.com

Global fintech Bitt and TASCOMBANK, one of Ukraine’s oldest commercial banks, have launched a pilot project to issue an e-hryvnia on Stellar.

As part of the pilot, the cross-company team will test the electronic hryvnia on the use cases of programmable payroll for public employees at Diia, an IT solutions enterprise, as well as for P2P payments and merchant payments.

This pilot project will serve as a technological basis for the issuance of electronic money and is the next key step to advance innovation of payment and financial infrastructure in Ukraine

TASCOMBANK will build and test the regulated electronic hryvnia on Stellar, and it will be deployed on Bitt’s Digital Currency Management System (DCMS). Bitt’s DCMS encompasses a core monetary transaction network, a secure minting system, and a Digital Currency Operations Manager.

With the rapidly growing impact of virtual assets on our everyday life and economic landscape, it is essential to utilize the advantages of blockchain technology and new related products as a part of the bank's long-term market strategy. Cooperation with Bitt to build on Stellar allows us to connect our core banking system with blockchain-based infrastructure, creating an ecosystem that includes a full range of banking products and operations with electronic currency on the Stellar blockchain. Electronic currency paves the way to more sophisticated products in the virtual assets field that we are excited to explore
Volodymyr Dubey, TASCOMBANK Chairman of the Board

We’ve reported that BBVA Switzerland adds ETH to its crypto operations.

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