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.