Ukrainian Commercial Bank Advances With Successful Stellar Network Pilot Study
A pilot study on the Stellar Network has been finally completed by the Ukrainian commercial bank TASCOMBANK. The results of the pilot research demonstrated the technology’s promising role for organizations, governments, and people, and they laid the groundwork for a wider use of virtual assets in Ukraine.
Ukrainian Commercial Bank Completes Stellar Network Pilot Study
One of the country’s oldest banking organizations, TASCOMBANK, revealed that a pilot study on the Stellar Network was successfully completed. The bank is pushing for the adoption of blockchain technology in Ukraine’s payments system. TASCOMBANK in Ukraine evaluated an “electronic hryvnia” as part of the project’s pilot phase, which was intended to create a currency on the Stellar network.
According to a press release from Stellar Network, a thorough study has revealed the many advantages of using blockchain technology for the creation and transfer of digital currency. These benefits include heightened accountability, higher security, decreased transaction costs, and quicker processing.
The pilot project was started in 2021 with the intention of determining if it would be feasible to issue a digital currency on an open blockchain platform that would permit issuers to retain ownership of assets. Peer-to-peer transactions, merchant payments, and payroll were some of the areas of electronic money testing that were highlighted.
Ukraine Is Supportive Towards Blockchain Technology
In response to the pilot results, Oleksii Shaban, Deputy Governor of the National Bank of Ukraine, stated that there are still a lot of hypotheses to research and test within the context of pilots. The pilot results, however, are thought to provide crucial data for research and usage by experts in commercial and central banks. He also commended TASCOMBANK for its commitment to innovation and allocation of funds for research that, despite the current war in Ukraine, may serve as the foundation for the future growth of Ukraine’s payment system.
Stellar is intended for asset issuance, according to Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. She claimed that the results of this experiment show how useful the technology may be for people, corporations, and governments. Dixon further reaffirmed that, with the help of the MDT (Ministry of Digital Transformation), innovators like TASCOMBANK can set up virtual assets that are secure, interoperable, and compliant with legal requirements using open-source technology. She thinks that this pilot establishes the groundwork for further use of virtual assets in Ukraine and shows that real-world solutions can be built on Stellar.
Since 2017, the National Bank of Ukraine has been looking at the prospect of developing a central bank digital currency (CBDC). Ukraine has built a reputation as a country that is accepting of cryptocurrencies and actively encourages the use of electronic payments. As a result, some pharmacies in Ukraine are now accepting cryptocurrency payments made through Binance Pay.
The native cryptocurrency of the Stellar network, the Lumen (XLM), is currently trading at $0.0869 at the time this article was written. Over the previous seven days, the value has increased by 10%.
