Ukraine, despite the lack of legal regulation of the cryptocurrency market and blockchain technology develops on the basis of the last two digital asset. 2016 national Bank of Azerbaijan has launched a research project on implementing electronic hryvnia (UAH) and cryptocurrency exchange Kuna since August of 2017 has begun to develop a national stablon under the working title «Cryptography». Journal ForkLog understood in a special material, what’s the difference between these assets and is it time for digital experimentation over the economy of Ukraine.
E-the hryvnia from the NBU
The first steps for implementation of e-hryvnia — the national currency of Ukraine in digital form — was made at the end of 2016. Then the national Bank jointly with the leading Ukrainian blockchain experts began to study the international experience, the risks and benefits of available technology solutions to the financial ecosystem of the country.
The specialists of the NBU stated that they developed e-grivna chart allow government and business to minimize costs when you transfer money, and conduct snapshot operations.
A pilot project testing innovative payment solutions in running the Central Bank Cashless Economy project started in June 2017. In addition to the team of the national Bank in it on a voluntary basis were involved relevant stakeholders in the payment market. Were investigated legal aspects, macroeconomic effects and designed optimal business model of the new digital asset.
In January 2018, the Bank said that e-torque will not «crypto-currency from the national Bank», and the usual payment token.
According to the adviser of the head of the Association of Ukrainian banks Alex Kusch, electronic torque will be on the Bank accounts, but the account of the electronic wallet, and the blockchain will protect her from fraud, hackers and illegal withdrawals. He also stressed that e-torque will be the obligation of the national Bank, which can be bought for cash.
In exclusive comments to the journal ForkLog NBU representatives confirmed that they continue to study, as e-torque may Supplement the payment landscape of Ukraine and increase the share of cashless payments and reduce their cost.
«Electronic torque — it FIATA currency in electronic form, which is exchanged for cash in the ratio of 1: 1. Transaction with e-torque can be carried out using a computer or smartphone,» — said the NBU.
Now the national Bank is completing a pilot project on e-local currency: almost finished the technological part, is working on Analytics. According to preliminary estimates, the pilot project on e-local currency should be completed in December 2018.
«We stress that the decision about the feasibility of introducing electronic hryvnia will be taken only after a detailed analysis of the developments and results of the pilot project and assess the interest of the consumers and participants of the payment market in this product,» — noted in the national Bank.
Cryptography from Kuna
In August 2017, the founder of the Ukrainian cryptocurrency exchanges Kuna Michael chobanian proposed an alternative draft of national cryptocurrencies under the working title «cryptography». Then it was reported that open-source project will allow to develop the expertise «to run a national crypto-currencies from the national Bank.»
In November 2018 Kuna fully revised legal model of the token that was previously assumed to provide hryvnia stocks traders in the personal wallets of the exchange.
«From this concept we left, because it’s not scalable and it will not be able to participate legal entities. In addition, we need individuals who can send money from your current banking account, because there is no limitation on the map», — said Mikhail Chobanyan.
As reported by representatives of the Kuna of team magazine ForkLog, cryptography will be the first Ukrainian steilcoom that will neutralize the risk of price volatility. In addition, the influence of the exchange rate of the hryvnia, according to them, will be «more understandable» to the market.
In the first phase, a token will work on the platform Ethereum (standard ERC-20). The mechanism of emission and its volume will be disclosed in the public offer and the whitepaper project during startup.
«Cryptography will have the properties of different types of tokens depending on the transaction in which it will be applied. Payment of fees — the properties of the payment token, the ability to obtain additional services for holders of the coin — utility. In certain transactions, cryptography will be security-token», — said the team exchange.
Unlike e-hryvnia cryptography will get more broad in scope. The new token will have the similarity with the Swiss WIR coin, released in 1934, which gives the possibility to perform settlements, as well as an instrument for the mutual lending and provision of obligations of system participants.
«Criptografo can be used as an alternative to traditional means of payment in online purchases, conditional deposits, loans, thereby reducing the volume of cash payments. Also the token will complete a tool exchange on the stock market and the tool of exchange trading. In addition, cryptography will give the newcomers the opportunity to enter kryptering through which they understand the digital currency, without immediate entry through other altcoins», — said the developers.
Initially, cryptography will be traded on the stock exchange Kuna, then her listing would be possible on any other exchanges and exchange offices.
Representatives of the Kuna stressed that the issue and circulation of token will be implemented in the legal field, and the coin will be able to operate before the adoption of the law on the regulation of cryptocurrencies.
«All service providers in the chain, the activity of which is regulated, have the necessary license», — assured them.
Now the model is in the final stages of development, after which will pass the stress test in law firms.
It is expected that full commercial operation of the token will start in 2019. Within a year after its launch, the Kuna exchange hopes to attract UAH 1 billion.
A positive experiment for the economy of Ukraine
Both projects national digital assets will find their consumers and will be competitive, confident lawyer, managing partner of the Juscutum legal company Artem Afian.
«E-rate and cryptography can be a very different target audience, different scope, different pros and cons. The project is developed by electronic hryvnia the national Bank for a long time. Periodically, he transformered changing technological background, examines the possibility of using the blockchain, cryptocephaline to ensure the sustainability and comfort that money. But, anyway, what makes the Bank – it was originally a variation of the hryvnia, some form of existing money.
What makes Kuna is completely different, a new kind of digital asset.
Before cryptography found concrete shape, I will refrain from assessing the financial side. But this tool does not enter into direct competition with what makes a national Bank, and I think it can completely occupy its separate place in the economy of the country. Cryptography has much less legislative frameworks, but that makes it more flexible and therefore more interesting», — said in comments Afian ForkLog.
However, the expert stressed that for the first and second draft needed further clarification from the regulator regarding the licensing procedures and their application in the banking sector. Depending on this, it will become clear whether you will need additional regulatory framework for their functioning.
In General, Artem Afian positively assessed the prospects of creating a national digital asset in the country.
«Ukraine’s economy is experiencing a number of depressive factors, that there is no negative effect of these two projects just will not have. Whether they are positive – probably, Yes. The state of consciousness of participants of the market is quite ripe. Moreover, in a growing economy is much easier to introduce new formats of payment instruments», — says Artem Afian.
It is obvious that to speak about practical results of the development of the national token is still too early, however, the successful implementation of at least one digital asset on the basis of DLT technology will allow Ukraine to remain among the world leaders in the introduction of the blockchain.
Subscribe to the channel ForkLog in YouTube!