Despite many countries making it difficult for their citizens to trade cryptocurrencies, many have shown that digital currencies definitely have a future. After considering their many benefits, Ukraine has finally decided to come up with its cryptocurrency that its citizens may be able to start with crypto trading soon.
Hryvnia’s Electronic Form Is Coming
What’s more interesting is that the national bank of the country is considering converting its own currency into an electronic format. In other words, the new cryptocurrency that is being considered could be called e-hryvnia for now.
According to the national bank, there are many practical use cases of digital currencies, transactions across borders, payments to retail businesses etc. being some of them.
The bank is serious with its work and launch of the e-hryvnia, which you can easily see from how it has involved all the important bodies into the process, such as the government, various banks, and other institutions.
It’s Nothing New for Ukraine
Many might think that the concept of a CBDC (central bank digital currency) is quite new to the country but that’s not the case. The plans for the creation of such a currency have been underway for more than 5 years in the country.
Could the government come up with disagreements on the matter? It does not seem likely after the fact it has already approved a bill in favor of the creation of a digital currency issued by the central bank in 2021.
More importantly, the government has nodded to the fact that e-hryvnia will be considered just like cash, making it legal tender in the country. The lucky network that will be serving as the foundation of Ukraine’s supposedly new electronic national currency would be Stellar.
Of course, the coming of an e-currency in the country will give rise to many other businesses that support crypto trading, such as exchanges, trading platforms, and cryptocurrency broker services.
Ukraine Has Benefitted from Crypto
Russia invaded Ukraine and the world came together to help it against the tyranny of a bigger and much powerful country. Many donations to Ukraine were given in the form of digital coins or cryptocurrencies.
At the moment, the national bank of the country along with other financial institutions and government bodies is discussing what effects the new digital currency could bring to the existing economic system in the country.