• Tascombank, one of the oldest banking institutions in Ukraine, has completed the pilot testing of a digital currency based on the Stellar network.
• The bank believes that its electronic money platform represents an economically viable implementation of blockchain technology.
• Operations with the new digital asset were carried out in accordance with the current know-your-customer and anti-money laundering procedures.

Ukraine’s Tascombank, one of the oldest banking institutions in the country, has recently completed a pilot testing of a digital currency based on the Stellar network. The project, which was launched to create a currency with the Stellar network, saw the coin used in settlements between buyers and sellers.

The bank believes that the electronic money platform that they have created represents an economically viable implementation of blockchain technology, as it has a number of advantages including transparency at all stages of circulation and between all participants in the transactions, increased security and confidentiality for user data, low costs, and high capacity.

The operations with the new digital asset that were conducted during the testing phase were done in accordance with the current know-your-customer and anti-money laundering procedures, which has been put in place to ensure that the transactions are secure. The bank was pleased with the results of the pilot project, saying that it was successful and promising in terms of further product development and implementation.

Tascombank also revealed that it plans to continue its studies on the issuance and circulation of blockchain-based electronic money. One of the areas its future research is going to cover will be the possible use of such currency in retail non-cash payments. The bank is also in communication with the National Bank of Ukraine (NBU) to discuss the potential of the project.

With the successful completion of the testing phase, Tascombank will be able to move forward with its plans to create a digital currency based on the Stellar network. This could potentially revolutionize the banking industry in Ukraine, as it would open up the possibility of faster, cheaper, and more secure transactions.