⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ukraine (28-NOV-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:

The National Bank of Ukraine is at the pilot phase of developing a CBDC, colloquially known as the e-hyrvnia, aiming to enhance economic security and achieve a cashless economy, despite ongoing military tension.

✅ Flagging Ukraine as a pioneer, the National Bank of 🇺🇦 is advancing from a research phase into a pilot program for the development of a Central Bank Digital Currency, dubbed "e-hyrvnia".

✅ As per the National Bank of 🇺🇦, the e-hyrvnia will supplement traditional forms of money, and could potentially fortify Ukraine's economic security, asserting monetary sovereignty and price and financial stability, ultimately promoting economic growth.

✅ The journey towards CBDC in 🇺🇦 started in 2016, with the launching of a pilot program of the "Electronic Hryvnia platform" in 2018 to test transactions that included creating wallets, installing mobile apps, making transfers, among other features - though there were no definitive advantages to the initiative.

✅ In 2021, the government of 🇺🇦 joined hands with the Stellar Development Foundation to foster the development of a CBDC and transition towards a cashless society, with the possibility of paying salaries in e-hyrvnia being mooted.

✅ Announced in 2022, the National Bank of 🇺🇦 is working on the CBDC for potential usage in retail non-cash payments, circulation of virtual assets, and cross-border payments, with the legislations expected to be rolled out in 2024 as indicated by the deputy prime minister in 2023.

✅ However, the escalating military crisis with Russia makes it challenging to assess 🇺🇦's human rights and civil liberties situation at the moment.

#CBDCs #DecentralizedFinance #UkraineCBDC #EconomicSecurity #CashlessEconomy

What are your thoughts on Ukraine's ambitious initiative to advance towards a CBDC amidst political tensions? Do you think digital currencies can bolster economic security and contribute to a future cashless society or could they lead to further complexities and challenges?

Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.

Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)

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