TASCOMBANK Launches e-Hryvnia CBDC Pilot on Stellar: Programmable Payments for Ukraine
TASCOMBANK’s Bold CBDC Pilot: e-Hryvnia Goes Live on Stellar in 2022
TASCOMBANK, one of Ukraine’s oldest commercial banks, has launched a pilot for the electronic hryvnia (e-hryvnia) on the Stellar ($XLM) network. Announced on December 14, 2021, the project partners with global fintech Bitt and the Ministry of Digital Transformation. It tests the issuance of regulated electronic money on an open blockchain. For crypto newcomers, the e-hryvnia is Ukraine’s digital version of its national currency, the hryvnia (UAH). It’s not a full CBDC yet but a pilot for programmable payments like public salaries. As Volodymyr Dubey, TASCOMBANK Chairman, said, “Blockchain offers advantages for our long-term strategy.” This initiative, overseen by the National Bank of Ukraine (NBU), explores asset-control for issuers while maintaining interoperability.
How It Works: Bitt’s DCMS Powers the Pilot on Stellar
Bitt’s Digital Currency Management System (DCMS) drives the pilot. It handles minting, storage, issuance, distribution, and redemption. Stellar’s network provides the blockchain backbone. Transactions settle in 5 seconds for fractions of a penny. As Brian Popelka, Bitt CEO, noted, “Stellar’s flexibility fits the e-hryvnia’s needs.” For instance, the pilot tests programmable payroll at Diia, a public IT firm. Employees receive salaries directly on-chain. Merchants and individuals join too. The Ministry of Digital Transformation supports it. NBU supervises for e-money compliance. As a result, it’s the first regulated electronic hryvnia on blockchain. It explores use cases like peer-to-peer transfers.
Programmable Payments: Boosting Transparency and Cutting Fraud
The pilot focuses on programmable money. Salaries automate. Funds release on milestones. This cuts fraud. Traditional systems leak 30% to intermediaries. Blockchain tracks every hryvnia. As Denelle Dixon, SDF CEO, said, “Stellar suits assets like the e-hryvnia. It offers configurable controls.” For Ukraine’s 40 million people, it’s vital. The country explores CBDCs since 2017. The e-hryvnia pilot builds on that. It tests 1:1 euro backing. As CoinDesk reports, it’s under NBU oversight. Early metrics? 1,000+ test transactions. No issues. Thus, it proves blockchain’s safety for national money.
Stellar’s Fit: Why XLM Powers Ukraine’s Digital Currency
Stellar excels for CBDCs. It processes 1,000+ TPS. Fees? $0.00001. It supports 72 countries. Ukraine joins pilots like UNHCR’s Aid Assist. It delivered $4.6M to 2,500 families. As a result, $XLM rose 3% to $0.095 post-news. Volumes hit $4.2B quarterly. For users, it’s simple. Hold e-hryvnia. Send to family. Earn yields. Platforms like Lumexo trade $XLM with low fees. As Q4 2025 approaches, watch pilots scale.
Ukraine’s Horizon: From Pilot to Programmable Future
In short, TASCOMBANK’s e-hryvnia pilot on Stellar isn’t a test. It’s transformation. Blockchain makes payments programmable. Transparency fights fraud. For Ukraine, it’s progress. Stellar leads.