According to the release published by Bitt, the project has been under the supervision of the National Bank of Ukraine aided by their Ministry of Digital Transformation. In that sense, Ukraineβs Deputy Minister of Digital Transformation, Oleksandr Bornyakov commented the following on their CBDCβs test phase:
>This pilot project will serve as a technological basis for the issuance of electronic money and is the next key step to advance innovation of payment and financial infrastructure in Ukraine.
During the trial on Stellar, the partners will also test the capacity to issue digital currency with βasset-control capabilities for issueβsβ. The banking institution will be in charge of testing the implementation of the hryvnia on Bittβs Digital Currency Management System (DCMS).
The latter company has been in charge of developing a stablecoin with its payment rails for the National Bank of Belize, and itβs behind the Eastern Caribbean Central Bank (ECCB) initiative to launch a CBDC. The target for this project, per its official website, is to increase βopportunities for financial growthβ.
Similar to this project, the digital hryvnia will use the βmoderns software techniquesβ and alleged scalable and performant benefits from the DCMS. This system will βprotectβ the userβs data while regulatory bodies still can access βneededβ information, the official website adds the following on their DCMS:
>Security is designed-in, to use secure defaults, minimize attack surfaces and provide defense-in-depth. Independent modules allow each component to scale independently of others, allowing automatic adjustment to meet variable demands.
Stellar Spearheads Ukranian Initiative
With its DCMS system Bitt will provide secure minting, currency manager, and a monetary transaction network. Thus, tackling three of the most important items in every CBDC project. Volodymyr Dubey, Chairman of the for TASCOMBANK, said:
>Cooperation with Bitt to build on Stellar allows us to connect our core banking system with blockchain-based infrastructure, creating an ecosystem that includes a full range of banking products and operations with electronic currency on the Stellar blockchain.
Dubey also expressed excitement to improve the countryβs financial products by using virtual assets. The Ukranian Central Bank and TASCOMBANK have long-term strategies that include innovation supported o
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Banning all bank lending except capital development lending and offer 0% overdrafts cap dev lending agency businesses deliver state funds monetarise national debt as we have regulated entire banking system out of existence with a few lending "banks" working with 0% overdrafts from the central bank we can monetarise national debt safely.
Huge Catalyst for Nuran. Monster in the making and very undervalued at current MC
