Ukraine Ready to Launch Test Phase for Central Bank Digital Currency

ByEdward Thompson

Aug 21, 2021

As the end of the year 2021 is closing in, several countries such as China & Russia are expediting their launch for the central bank digital currency (CBDC). In the year 2020, many countries have realized the importance of digital currencies. Countries from around the globe have realized how important it is to make a shift with the passage of time.

This is the reason why the countries have expedited the process of developing their own central bank digital currencies. While countries such as China and Russia have gained tremendous lead in the sector, Ukraine is also aiming to mark its presence among these countries.

Therefore, the country has expedited the process of testing the CBDC and launching it as soon as possible for the locals. However, the country has announced that they are going to go through all the necessary checks and confirmations before they commercialize the CBDC.

This information has been shared by the Ministry of Ukraine. The person responsible for overseeing the project for the CBDC is Mikhail Fedorov. Fedorov is Ukraine’s deputy prime minister who is responsible for looking after the implementation of the CBDC.

Fedorov is demonstrating great input in the testing and launch of the CBDC. He has been closely working with the central bank of Ukraine in order to finalize the project and commercialize e-hryvnia.

Fedorov, who is also the head of the Digital Transformation Ministry for Ukraine shared updates around the e-hryvnia during an interview with the local channel. During the interview, he revealed that they have already finished the development phase for the digital currency alongside the central bank of Ukraine.

Now, the next thing on their agenda is the pilot testing for the e-hryvnia. Fedorov stated that initially, they wanted to test the digital currency in a large area to get more results. However, they have made changes to their strategy. Instead of testing the digital currency in a large area, they are going to test it internally.

Therefore, to execute this plan, they have decided that they will be paying the staff at the ministry in the form of digital hryvnia. The salaries will not be fully in the form of e-hryvnia, but partial or a small portion. However, the staff members would be required to use digital currency to make transfers and other transactional activities.

This way, they want to find any flaws or problems with the digital hryvnia. Their aim is to make the digital currency flawless before it is launched and they are glad they have made this move, to begin with, their plan.

Fedorov stated they are planning to launch the pilot testing phase for the CBDC either by the end of 2021 or the beginning of 2022.

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