The Ukrainian Ministry of Digital Transformation employees could be the first to receive their salaries digitally. The National Bank of Ukraine is currently developing an electronic version of Ukrainian hryvnia. The ministry is also considering the possibility of using state-issued coins for remuneration.
Digital Hryvnia will be used to pay government employees
The digital ministry plans on paying its employees with digital currency from the Ukrainian central bank (CBDCOnce the new Hryvnia is ready to be tested, please send this email. A recent InterviewMinister Mykhailo Federalorov stated that TSN is the online news portal and was one of the first initiatives to digitize the national decree.
It is one of the first pilots that we have, the payment of salaries to employees of Ministry of Digital Transformation in electronic Hryvnia.
Fedorov stated that Ukraine is the most adaptable country in the world when it comes to virtual assets. He noted that Ukraine’s openness to technology could be one of its main assets, which can help attract more investment.
In last year’s edition, Chainalysis, a blockchain forensics firm, ranked Ukraine first among more than 150 nations. The Kiev government has not yet introduced comprehensive regulations for the country’s growing crypto space. The end of the year will see the adoption of a revised bill on virtual assets.
You can use the Ukrainian currency for social payments and grants
Another project to pilot the use of the digital currency is to use it for the payment of government subsidies and social benefits. Mykhailo Fedorov thinks authorities should first test the technology, to collect data on user experience, and understand how it all works, before applying CBDC in social sphere. Manager pointed out:
We are looking at the experiences of countries that have initiated pilot projects or are trying introduce electronic currencies.
Fedorov, also Ukraine’s deputy prime minister, stated that the central bank’s digital currency can be used to create smart contracts that could limit the misuse of government subsidy, Forklog reported. . He noted that all this will depend on how the digital hryvnia is implemented.
In an interview with Financial News Portal MinfinOleksandr Bornyakov, Fedorov deputy, revealed that Ukraine is planning to legalize cryptocurrency. A July survey of representatives of the country’s financial sector revealed that they would like the future CBDC be blockchain-based and used for crypto transactions.
Do you think Ukraine is poised to become a hotspot in digital currencies? Leave a comment below.
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