As part of the pilot, the cross-company team will test the electronic hryvnia on the use cases of programmable payroll for public employees at Diia, an IT solutions enterprise, as well as for peer-to-peer payments and merchant payments. The project is being implemented under the supervision of the National Bank of Ukraine and with the support of the Ministry of Digital Transformation.  

The objective of the project is to pilot the issuance of electronic money on an open blockchain with asset-control capabilities for issuers. TASCOMBANK will build and test the regulated electronic hryvnia on Stellar, and it will be deployed on Bitt’s Digital Currency Management System (DCMS). Bitt’s market-proven DCMS encompasses a core monetary transaction network, a secure minting system, and a Digital Currency Operations Manager. 

This regulated electronic hryvnia will be built under the current e-money legislation of Ukraine. The payment services law—which will govern the circulation of electronic money and future issuance of a digital currency under the authority of the National Bank of Ukraine—is anticipated to take effect in 2022.