The National Bank of Ukraine is expanding the team working to move the country's national currency, the hyrvnia, to a blockchain.
The central bank formally began working on a blockchain-based system in November 2016 to develop a "cashless economy."
While the results of the earlier research were not disclosed, Smolli told CoinDesk, the project is now "focused on studying the ability of the central bank to establish an operational e-hryvnia solution which would be available 24/7 and easy-to-use for all stakeholders."
In this way, the central bank is now working to build a more "convenient instrument" for Ukrainian citizens and businesses to conduct any number of transactions.
Canadian entrepreneur and blockchain expert don Tapscott presented to the world map, which marked 14 countries-leaders on implementation of technology distributed registry, including Ukraine.
The presentation of the card took place at the world economic forum in Davos, reported in Facebook Advisor to the head of the State Agency for e-governance of Ukraine Konstantin Yarmolenko
The legendary world economic forum, Ukraine is represented by two top themes: agriculture and the blockchain technology! And now time for the sensation! Ukraine has entered into 14 world blockchain leaders in the introduction of this breakthrough technology.
Also, the rating leaders are USA, Canada, Brazil, Australia, Israel, Dubai, Georgia, Estonia, UK, France, Germany, Sweden and China.
In addition, Konstantin Yarmolenko added that for three weeks in the Verkhovna Rada will be served jointly with the EBRD, the bill on regulation of technologies of the distributed registry.
We will remind, earlier in January, the international financial company Citigroup has estimated the size of the Ukrainian bitcoin market at $2.5 billion.
Central banks across the globe have been discussing and exploring blockchain technology and its ability to more efficiently track funds and reduce the expenses of commercial banks. For instance, the People's Bank of China has deemed the creation of a fiat-based cryptocurrency a CRUCIAL financial development.
But still, the National Bank of Ukraine gave a more detailed vision of its undertaking to create a "national digital currency," that makes its work less theoretical than others.