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Ukrainian National Bank launch of national digital currency to reduce cash transaction costs and time

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According to Ukrainian local media Vesti Ukraine, the National Bank of Ukraine (NBU) is considering launching a national digital currency based on the blockchain.

Vesti Ukraine revealed that hryvnia is the current Ukrainian legal currency unit, and the National Bank of Ukraine is planning to launch a blockchain-based hryvnia, or “electronic hryvnia (e -hryvnia)”. However, the country’s digital currency will be centrally managed and secured under the control of the Ukrainian government. It is expected that this cryptocurrency endorsed by the central bank will increase the volume of non-cash payments in Ukraine, while also reducing the cost of payment.

In fact, Ukraine has repeatedly proposed the idea of “national digital currency” within the framework of its “cashless economy” project. In January of this year, the National Bank of Ukraine issued an “electronic hryvnia” based on the blockchain.

According to Ukrainian National Bank officials, “Electronic hryvnia” must be linked to the country’s legal currency at a 1:1 ratio, which will prevent inflation from growing. However, the Ukrainian National Bank released a blockchain-based electronic hryvnia that is still in the planning stage. They said that only after a detailed analysis can they completely decide whether to introduce “electronic hryvnia” properly.

In addition, Vesti Ukraine also reported that Alexey Kustch, head of the Ukrainian Banking Association, believes that digital currencies like “Electronic Hryvnia” are not really cryptocurrencies. Because cryptocurrencies are anonymous and different from the digital currency endorsed by the National Central Bank, the real cryptocurrencies are multi-centric.

But Alexei Cuschi specifically pointed out that the national cryptocurrency based on blockchain is “very promising” and adds:

“On the one hand, the national cryptocurrency can better protect property rights, on the other hand, it can significantly reduce the cost and time of cash transactions, and accelerate the efficiency of Ukrainian currency turnover.”

In January of this year, Russia discussed the possibility of launching the national digital currency “CryptoRuble”.

It is worth mentioning that the Ukrainian National Parliament recently introduced the Encrypted Assets Taxation Act, which proposes to impose a 5% tax on individuals and legal entities that conduct cryptocurrency transactions, and an 18% tax on cryptocurrency-related profits.

In July this year, the Ukrainian Financial Stability Board convened a meeting to determine the legal status of cryptocurrency in the country and also called for further strengthening of cryptocurrency regulation.

This article is writing on 27 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258

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