In 2018, the Central Bank of Ukraine began testing the digital hryvnia, the country's national cryptocurrency.
Bank representatives shared the pilot's results in a recently released report. According to the report, CBDCs perform best when used by both the public and private sectors.
In the event of a full launch of the national digital currency, the electronic hryvnia will be available not only to banks and government agencies, but to all citizens of the country.
E-braceletwas released on a private version of the Stellar blockchain, with the central bank as the sole issuer. The head of the innovation projects department of the National Bank told The Block:
"The CBDC ecosystem should include private sector participants that create options for interaction between the CBDC and consumers. Then it will become an effective tool for competition and development."