The financial sector wants CBDC of Ukraine to facilitate transactions in the crypto market – regulation Bitcoin News

A survey conducted among financial professionals found that the industry would like Ukraine’s future digital currency to be used as a tool in the crypto space. The financial sector also favors a blockchain design for the e-hryvnia that would enable peer-to-peer transfers and boost e-commerce.

Financial experts define possible uses of the digital currency of Ukraine

The National Bank of Ukraine (NBU) has released the results of a survey aimed at identifying the potential demand for a central bank digital currency (CBDC). The regulator sent a series of 30 questions to 100 financial professionals from diverse backgrounds – financial markets, corporate and retail business, public sector and crypto business.

The survey also had to identify possible use cases for the e-hryvnia. The NBU was one of the first central banks to start looking into ways of issuing their own digital currency. It started a study in 2016 and tested a CBDC in bulk payments two years later. “We already have practical experience with the implementation of a pilot project to issue e-hryvnia in 2018,” noted NBU Chairman Kyrylo Shevchenko, explaining:

In order to find the really popular options and niches for the e-hryvnia and determine the possible impact of their implementation, we took the opinion of financial market experts and conducted a comprehensive survey.

The representatives of the financial sector were offered a choice of six potential areas in which they believed the e-hryvnia could be used. According to the majority of respondents, the most promising use case would be cashless bulk payments, mainly peer-to-peer (P2P) transfers between individuals and e-commerce transactions. Using the CBDC for cross-border payments, again as a P2P tool, is the second most recommended application.

Other options included “Targeted Social Benefits (G2P),” “Securities Compensation (B2B),” “Corporate Payments (B2B)”, and “Financial Instruments”. 77% of respondents supported the first of these use cases, provided that the scope is expanded to include other specific government payments such as earmarked subsidies. The NBU said it would take into account the opinions of financial experts.

Ukraine’s financial sector says e-hryvnia should be used in the crypto space

Many participants in the survey also endorsed the use of the electronic hryvnia as a tool for processing transactions in the field of virtual assets, the NBU emphasized. The financial sector representatives also insisted that the CBDC should be a blockchain-based currency.

Given the size of the crypto asset market in the country and the availability of blockchain technologies, the Central Bank of Ukraine believes that using its digital currency will facilitate the circulation of virtual assets in the country – for example, in exchange, issuance and other crypto-related transactions – is worth further research.

Ukraine is considered a leader in adopting cryptocurrencies as it ranked number one among over 150 nations in last year’s edition of the Global Crypto Adoption Index by blockchain forensics company Chainalysis. However, the Kiev government has yet to enact extensive regulations for the country’s expanding crypto space. A recently updated bill on “On Virtual Assets” is due to be voted on later this year.

What do you think of the possible uses of a digital central bank currency? Do share your thoughts on the matter in the comments below.

Tags in this story

CBDC, Central Bank, Crypto, Crypto Assets, Crypto Room, Cryptocurrency, Digital Currency, E-Hryvnia, Financial Professionals, Financial Industry, Financial Professionals, Financial Sector, nbu, Options, Regulation, Study, Survey, Ukraine, Ukrainian, Use Cases, Virtual Assets

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