# TASCOMBANK Hryvnia-nominated Electronic Money Pilot Report Recommends Adoption of Blockchain to Transform the Payment Landscape of Ukraine

> TASCOMBANK released findings from its electronic money pilot on Stellar, recommending blockchain adoption for Ukraine's payment system. The report highlights benefits including transparency, security, low costs, and high throughput for issuing hryvnia-nominated electronic money.

**Metadata**

- Published: 2023-01-12
- Original publisher: `stellar.org`
- Original article: https://stellar.org/press/tascombank-hryvnia-nominated-electronic-money-pilot-report-recommends-adoption-of-blockchain-to-transform-the-payment-landscape-of-ukraine
- Tags: CBDC, Payments, Emerging Markets

## Summary

TASCOMBANK, one of Ukraine's oldest commercial banks, published results of its electronic money pilot conducted on the Stellar network since 2021. The pilot tested issuance of blockchain-based electronic money with asset-control capabilities, focusing on peer-to-peer payments, merchant transactions, and payroll. The report recommends blockchain adoption to the National Bank of Ukraine and Ministry of Digital Transformation, citing advantages including greater transparency and accountability, improved security, low transaction costs, instant payments, and high throughput. Officials from Ukraine's government and the Stellar Development Foundation praised the pilot as validation of blockchain technology for real-world financial services and a foundation for broader virtual asset adoption in Ukraine.

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*Source: https://lumenloop.com/news/tascombank-hryvnia-nominated-electronic-money-pilot-report*