As Tascombank discussed the results of a two-year study on the Stellar crypto ecosystem, Ukraine’s disposition to cryptocurrencies has been further encouraged.
Ukraine’s largest and oldest bank, Tascombank, was forced in 2021 by the country’s top financial authorities and legislators to begin the study.
Tascombank’s study, partly funded by Ukraine’s Ministry of Digital Transformation, found that Stellar, the blockchain Jed McCaleb launched after leaving Ripple Labs in 2014, could be used to move “electronic money.”.
According to the study, Stellar improved security and confidentiality for client data and provide faster and cheaper “high throughput” transactions.
Stellar enables cryptocurrency use in Ukraine
Ukraine’s national legislature made many significant changes to the laws governing digital assets around the time the study began in 2021.
The study of payrolls and payments between corporations and individuals supports a number of cryptocurrency projects that were announced at the time.
The Stellar study emphasized several “important advantages” of the actual use cases for blockchain technology for Ukraine, according to Oleksandr Bornyakov, deputy minister of digital transformation. According to Bornyakov, Ukrainian officials are considering adding more permissions for digital assets.
Bornyakov also stated in a statement that “the pilot’s results confirmed the fundamental benefits of blockchain. Such benefits include quick processing, the cost-effectiveness of transactions, accountability, and transparency, and facilitated access to financial services.