The Stellar network is an open source, distributed, and community owned network used to facilitate cross-asset transfers of value. Stellar aims to help facilitate cross-asset transfer of value at a fraction of a penny while aiming to be an open financial system that gives people of all income levels access to low-cost financial services. Stellar can handle exchanges between fiat-based currencies and between cryptocurrencies. Stellar.org, the organization that supports Stellar, is centralized like XRP and meant to handle cross platform transactions and micro transactions like XRP. However, unlike Ripple, Stellar.org is non-profit and their platform itself is open source and decentralized.
One of the oldest commercial banks in Ukraine,TASCOMBANKis beginning a testing program for a digital version of the hryvna, that nation’s legal tender, which will leverage money that a trader borrows from a brokerage, enabling them to gain far greater exposure to a position than what their capital allows. blockchain.Stellar.
LaFoundationStellar (Stellar Development Foundation)a nonprofit organization that supports the development and growth ofStellarreported the news on Tuesday in a press release which was shared through their social networks.
According to the information,Tascombankis launching the pilot programme together with the companyfintechBittGlobalwith the intention of testing various digital currency payment use cases. The electronic grivna will be built and tested in the Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. de Stellar and will be implemented through the digital currency management system ( DCMS ) of the platform a place to buy, sell and store cryptocurrency for BittGlobal .
– Stellar (@StellarOrg) December 14, 2021
Ukraine to test a digital currency currency is a medium of exchange that defines value. for payroll payments
El The pilot programme will be implemented under the supervision of the National Bank of Ukraine (NBU), Ukraine’s central monetary authority, and with the support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. of the Ministry of Digital Transformation. Speaking about the initiative, Deputy Minister of Digital Transformation Oleksandr Bornyakov noted:
This pilot project will serve as the technological basis for the issuance of e-money and is the next key step in advancing innovation in Ukraine’s financial and payments infrastructure.
The goal of the project is to test the issuance of electronic money on an open blockchain with asset control capabilities for issuers, indicated theStellar Foundation in the release. As such, the pilot program will seek to test the effectiveness of the digital currency in public employee payroll, peer-to-peer payments and merchant payments.
According to the report, that the pilot will test use case for payroll payments with the employees of Diia a state-owned information technology (IT) solutions company in Ukraine.
“With the rapidly growing impact of virtual assets on our daily lives and the economic landscape, it is essential to utilize the advantages of Blockchain technology and related new products as part of the bank’s long-term market an area or arena, online or offline, in which commercial dealings are conducted. strategy“commented the Chairman of the Board of Directors of Tascombank , Volodymyr Dubey.
The digital currency will be built according to the electronic money legislation existing in Ukraine The pilot is expected to begin in 2022. While the companies did not indicate an exact timeline for the project, Valeriy Danilenko, vice-president of Tascombank responsable del comercio electrónico, indicó a CoinDesk that the objective is ” conduct a pilot test in the shortest reasonable time none
Europe and the development of CBDC
The government of Ukraine, a country with one of the highest rates of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. adoption according to a 2020 ranking byChainalysishas been working to innovate its payment system.
As reported by DiarioBitcoin the nation’s parliament aprobó a inicios de julio una ley que regula los métodos de pago . The language of that regulation included the central bank digital currency (or CBDC) in the same category as cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. or e-money . Almost at the same time, President Volodymyr Zelensky passed a law that would allow Ukraine’s central bank to issue a CBDC, according to a report from CoinDesk .
In addition, prior to this legislation, the Ministry of Digital Transformation of Ukraine had already announced a partnership with theStellar Foundation for the development of a national digital currency, as reported byDecrypt.
Ukraine’s most recent efforts put the nation well ahead of many European countries in plans to issue a CBDC. In October, the European Central Bank initiated a experiment two-year in a digital euro; although the bank has stressed that the European Union will not see a CBDC until at least 2025. In the meantime, around 80 central banks around the world are actively exploring digital currencies.
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Article by Hannah Estefania Perez / DiarioBitcoin
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