Ukraine’s Ministry of digital technology plans to pay employees digital Hryvnia as part of the pilot project

Employees of Ukraine’s Ministry of digital transformation may be the first in the country to receive a salary in a digital currency. The National Bank of Ukraine is developing an electronic version of the Ukrainian Hryvnia, and the Ministry is considering using the state-issued currency to pay labor.

Government employees pay with digital Hryvnia
The digital ministry plans to compensate its employees for the digital currency of the Central Bank of Ukraine (CBDC) as soon as the new Hryvnia is ready to be tested. In a recent interview with the TSN internet news portal, Minister Mikhail Fedorov said This was one of the Department’s first attempts at digitized National decree:

As one of the first pilots, we put this on the table as a salary payment for employees of the Ministry of digital transformation in the electronic Hryvnia.

“Ukrainians rank first in the world in terms of adaptation to virtual assets,” Fedorov said. This openness to technologies could be one of Ukraine’s most important advantages, he said, attracting October investments in the country and its companies.

Source: Mikhail Fedorov, Facebook.
Ukraine was ranked first among more than 150 countries in last year’s edition of the global crypto entry Index decoded by blockchain forensics company Chainalysis. The government in Kiev has yet to set comprehensive rules for expanding the country’s crypto space and releasing its own digital currency. The recently revised “virtual assets” bill is expected to pass by the end of the year.

Ukrainian currency could be used for subsidies and social payments
Another project to test the implementation of digital Hryvnia is its use in the payment of social benefits and government subsidies. But Mikhail Fedorov believes authorities should first test the technology, collect data on user experiences and understand how CBDC works before it is implemented in the social sphere. Official emphasis

Join the Discussion

  • BrokerEUR/USD
    LCG 0.3pips (variable) margin: 3.33%
    SpreadEX 0.6pips (variable) margin: 3.33%
  • Back to top