⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ukraine (20-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 20.18%

One-Sentence Summary:

🇺🇦Ukraine's National Bank pushes for CBDC development despite ongoing challenges, as it eyes economic security and a cashless society.

✅The National Bank of 🇺🇦 Ukraine is advancing towards creating a Central Bank Digital Currency (CBDC) known as e-hyrvnia, signaling a move towards the pilot phase.

✅The bank envisions the CBDC to supplement existing forms of currency and believes it would bolster Ukraine's economic security, monetary sovereignty, and maintain price and financial stability.

✅The National Bank initiated a probe into the prospects of issuing its own CBDC in 2016, tested transactions on the 'Electronic Hryvnia platform' in 2018, but concluded there were negligible advantages of using DLT technology for a centralized e-hyrvnia issuance system.

✅In 2021, the Ukrainian government joined forces with the Stellar Development Foundation to foster the development of a CBDC and transition to a cashless society.

✅By 2022, the bank unveiled a draft concept for its CBDC, oriented for use in non-cash payments, virtual assets circulation, and international payments, with legislation expected to be introduced in 2024, as per Deputy Prime Minister Mikhail Fedorov.

✅The ongoing military conflict involving 🇷🇺 Russia makes it challenging to evaluate Ukraine on human rights and civil liberties currently, with an analysis expected in the future.

✅ Further details on human rights and civil liberties violations, and CBDC risks can be consulted in reports from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the U.S. Department of State, and the Cato Institute.

#HumanRights #Economy #Ukraine #DigitalCurrency

What are the potential implications of disarray and conflict in a country on the development and implementation of a CBDC, particularly in the case of Ukraine?

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