Tascombank runs pilot of electronic money based on Stellar

The Ukrainian Tascombank published the results of pilot testing of issuing electronic money on the Stellar network.

As part of the pilot, the issued assets were used in settlements between buyers and sellers. Transactions were conducted in accordance with the current procedures KYC/AML, the report notes.

The testing demonstrated the following advantages of the blockchain:

• transparency at all stages of circulation and among all participants in the transactions;
• enhanced security and confidentiality of client data;
• low transaction costs and high throughput of the blockchain platform.

The scheme of electronic money circulation studied during the pilot is an economically viable business model for using blockchain technology, the report states:

“We regard the pilot project successful and promising from the standpoint of further product development and deployment.”

With technical support from the Stellar Development Foundation, Tascombank will continue to study the features of issuance, accounting and circulation of electronic money using blockchain. In addition, the bank is exploring the possibility of using such assets as a tool for retail cashless payments.

The National Bank of Ukraine noted that the pilot results are an important resource for analysis and for use by professionals in commercial and central banks.

Back in late 2021, the Tascombank pilot started at the end of 2021.

In November, the NBU presented the concept paper for the e-hryvnia to participants in the virtual asset market and representatives of banks and financial institutions.

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