National Bank of Ukraine Disclosed the Draft Concept of CBDC
Nowadays you hear about CBDC everywhere. The National Bank of Ukraine comes up with the draft concept of digital money. It is called e-hryvnia. E-hryvnia is going to do all functions of money and anyone can use it. The issuer of e-hryvnia is the National Bank of Ukraine.
The State Enterprise Ukrainian Institute of Intellectual Property already completed e-hryvnia trademark registration in October 2022. It will make financial transactions transparent and strengthen the economy. There are three options when it comes to using e-hryvnia.
The first CBDC option is e-hryvnia for retail non-cash payments. It is programmable money utilizing smart contacts. The second CBDC option will be used in the crypto exchange and perform digital operations. The third CBDC option is going to be used for cross-border payments. It will make international transactions more transparent.
People look for cheap and fast transactions. E-hryvnia transactions will be very fast and cheap. We will get to know more about how they implement everything in e-hryvnia and what would be its impact.
Many countries push CBDC through the central bank. They represent everything in such a way that it will solve every problem and make the economy better. The central authority hides its true intention and what they actually want to achieve with Central Bank Digital Currency (CBDC).
The United States, China, Japan, India, and many other countries already started doing experiments and moved forward with their plans. It is just a matter of time before we see CBDC everywhere.
CBDC becomes a buzzword these days. Cryptocurrency gives freedom and empowers people. CBDC will give the ultimate power and control to the central authority. In the name of investors' protection and security, regulators go hard in crypto. We may see more crackdowns in crypto in the future.
Let's see how everything unfolds and how people react when it comes to using CBDC. So what do you think about CBDC? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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