Ukraine is preparing to launch its own token

by in Cryptocurrency News

hryvnia

Many countries in the post-Soviet space are considering options for launching a national digital currency (CBDC).

Russia, Georgia, and Kazakhstan have already announced their readiness to develop a token pegged to fiat money. Now the National Bank of Ukraine has received the same right.

The corresponding law was signed by the President of the country, Volodymyr Zelensky. This document gives the Ukrainian regulator the right to develop a token and test it within the so-called regulatory sandbox.

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In addition, the law, signed by the president, gives the Central Bank the right to test and introduce instruments and services based on innovative technologies in the domestic market.

Note that this bill was adopted by the Verkhovna Rada on June 30, 2021. Experts then predicted that the document would be approved by the president without any problems. It was the first to distinguish between the concepts of "electronic money" and "national digital currency".

Back in the winter of last year, the head of the Ukrainian Central Bank, Yakov Smoliy, said that up to 80% of states are preparing to create a CBDC. Kyiv does not intend to lag since 2018: the regulator has been developing the concept of an electronic hryvnia.