The national Bank of Ukraine expands the team working on the translation of the national currency, hryvnia, on the blockchain.
Unfortunately, it is still unknown who joined the team of national Bank on blockchain, but the emergence of new faces, speaks about the desire to speed up the process.
Today our team was joined by world-class experts and we are optimistic that the project will enter a phase of active development in the near future.
At the moment we know only that the Ukrainian company Distributed Lab is actively involved in the development of a new blockchain. The founder of the Distributed Lab, Pavel Kravchenko, confirmed that a startup, at least partially “responsible for architecture, analysis and development of the blockchain, and security analysis”.
Central banks around the world to discuss and explore blockchain technology for more efficient operation. For example, the people’s Bank of China said that the creation of a cryptocurrency version of Fiat money is crucial for financial development.
The national Bank of Ukraine also believes that a national digital currency is the future:
The national Bank of Ukraine looks forward to the implementation of electronic hryvnia based on blockchain technology. We consider the blockchain as the next step in technology transactions which will become more popular and common over the next decades.
In November 2016, the Central Bank officially began to work on the system based on the blockchain technology, in the framework of creating a cashless economy.
Although research results are not disclosed, the head of the national Bank, Yakov Smoliy said in comments to CoinDesk that the project “focuses on understanding the ability of the Central Bank to create [effective] solution in the form of electronic hryvnia, which will be available around the clock and which will be able to seamlessly use all stakeholders.
The Central Bank is also studying best practices in other blockchain systems. Resin added that:
We spent some time studying international best practices of existing technologies. We remain confident in the need for the introduction of national digital money.