National Bank of Ukraine plans to issue digital currency on blockchain

Baozou Comment : In addition to the blockchain R&D projects of Ukrainian enterprises, blockchain also has a wide impact on Ukrainian government agencies through the fields of law, state-owned assets, government affairs, etc. Recently, the National Bank of Ukraine, as the central bank, announced plans to issue electronic currency on the blockchain and announced the implementation route and date. In addition, Ukraine will also integrate other latest technologies to realize the cashless Ukrainian market.

Translation: Annie_Xu

The National Bank of Ukraine (NBU) plans to use blockchain or distributed ledger technology to achieve a cashless economy.

The NBU committee has determined the implementation route of the plan, publicly announcing for the first time the official blockchain development plan and implementation date.

The plan shows that the central bank will issue electronic money as a payment tool for the cashless economy. At the same time, it will optimize blockchain applications to replace card payments. The implementation route is expected to issue electronic money before the fourth quarter of 2017.

Serhii Shatsky

The NBU considered the decision for a long time before making it. In September, Serhii Shatsky, director of the Payment Systems and Innovative Development Department, said:

"The NBU fully supports the cashless Ukrainian market, and the latest financial technologies may help achieve this goal. Therefore, we are in dialogue with the market. And we find solutions from it to provide citizens and small and medium-sized enterprises with new payment methods. These include cloud technology, mobile payment, QR code and other payment methods; blockchain solutions will also realize their payment functions."