New Ukraine E-Hryvnia Cryptocurrency Pilot Completes in a Bid to Become a National Digital Asset

Many countries are flirting with the idea of having a national digital currency right now. The first one to ever do it was Venezuela with the Petro, but that was not the best one of the most successful initiatives ever, anyone could say. Now, another country is getting near to start this ambitious project.

The Central Bank of Ukraine (also known as the National Bank of Ukraine) has finally completed its pilot for the E-Hryvnia, which will be the national digital currency of the country soon. The project was being developed for at least a full year and the pilot began in December 2018. Now, after two months of testing, it was finished.

E-hryvnia’s first announcement happened in January 2018. At the time, the government had affirmed that it was considering its own digital token.

Aleksandr Yablunivkiy, chief of payment networks and innovative growth at the bank, has affirmed that the institution has been testing the new digital coin for a long time in order to see its practical use and how the central bank could effectively use it. The bank also got feedback from users during the trial.

At the moment, Ukraine relies too heavily on cash payments, so the idea of the government is that the E-Hryvnia project might be able to change this reality for the better in time.

Lawmakers of the country are continuing to create adequate legislation to cover the crypto market better and they are facing difficulties while doing it. In part, the launch of this token could boost the adoption of digital assets in the country, which would make a positive impact on the crypto industry in Ukraine.

After the bank has fully analyzed the results of the pilot test, it will move forward and decide how to implement the digital token or to throw it in the garbage instead. The bank’s officials consider that the country is ahead of many major economies now as they already have practical results that will be analyzed in order to decide their future steps with the E-hryvnia.

Not A Cryptocurrency

One of the affirmations of the bank was that the new coin should not be confused with a cryptocurrency because it was, in fact, something completely different from what Bitcoin is. It is a Central Bank digital currency that has a centralized registry at the same time that it has a decentralized one, so it actually works in a very different way.

Obviously, this will lead some people to complain that the token is not decentralized enough, the but the central bank, like any central bank, in fact, have never planned this token to be full crypto.

At the moment, there is no clear timeframe for the launch of this new digital coin. Because of this, you can expect its launch from any time from 2019 until 2020 or even 2021.

Crypto Price Analysis Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and BCH Predictions

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today