Development of Programmable Money in Ukraine

by Olha Povaliaieva
Wednesday, February 23, 2022
Development of Programmable Money in Ukraine

By the end of the year, the Ministry of digital transformation will launch a pilot version of programmable money

Ukraine has already announced a project of electronic currency and formed a team for the development of digital money.  Technical development is underway. It includes program writing, design of money, and program design. The ministry of digital culture declares that there is a clear timetable for the project, therefore in 2022, the case with the Ukrainian-hryvnia will be realized.

"Two weeks ago there was a meeting with the head of the National Bank of Ukraine, where the teams presented a project map. It was already agreed by both: the bank and us. This year we’re going to launch a pilot project — three companies went to develop programmable money. To do it pilots, cases — we can assess the possibilities of various technological solutions," said minister of digital transformation Mykhailo Fedorov.

6 possible applications are under consideration:

  • For retail non-cash payments;
  • For social payments;
  • For settlements on securities and other financial instruments;
  • For corporate payments of legal entities;
  • For foreign payments;
  • To receive income.

The majority of Ukrainian experts polled believe that e-hryvnia should be realized based on blockchain technology.

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