Ukrainian ministry contemplating digital currency pilot for workers salaries
Mikhail Fedorov, Ukraine’s Deputy Prime Minister and the pinnacle of the nation’s Ministry of Digital Transformation, has revealed a attainable early use case for the nation’s deliberate central financial institution digital currency (CBDC).
In a latest interview published by Ukrainian media outlet TSN, the minister revealed concerns throughout the ministry to check out the CBDC through the use of the digital currency in workers wage funds:
“Frankly as one of the first pilots, we have on the table the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.”
Fedorov made these feedback whereas arguing the case for the preliminary roll-out of the e-hryvnia to concentrate on a small, managed use case reasonably than being deployed for social funds. According to Fedorov, there may be the necessity to check the CBDC to forestall inappropriate use therefore, his name for workers wage funds as a viable pilot scheme for the nationwide digital currency.
As beforehand reported by Cointelegraph, Ukraine’s central financial institution obtained authorization to problem a digital currency following the passage of a brand new fee companies legislation by the nation’s legislature.
The National Bank of Ukraine has been engaged on creating and issuing a digital currency over the previous couple of years. The Ministry of Digital Transformation additionally has some important involvement within the CBDC area having partnered with the Stellar Development Foundation to develop a joint technique for CBDCs and digital belongings basically.
Related: New invoice in Ukraine to permit funds in cryptocurrency, says official
Using CBDCs to pay authorities staff is usually one of many pilot implementation methods for nationwide digital currency tasks.
Indeed, among the many few sovereign digital currencies already in circulation, a number of tasks have elected to pay state workers within the CBDC.
Back in June, China, one of many main nations within the CBDC area, debuted a blockchain-based system for digital yuan wage funds.