Ukraine to Become Next Country to Go Cashless; Plans National Digital Currency

2016 has been the ‘Year of the Blockchain,’ with corporation after corporation, even nations, touting their interest and ability to use Bitcoin’s underlying advancement in their future business models. Will 2017 be the ‘Year of the National Digital Currency?’ Ukraine looks to enter the cashless society with a plan on creating their own national digital currency based on the Blockchain technology, according to Ukrainian news site Ukrinform.
Blockchain, the trend in 2016 Major corporations like IBM, and even nations, embracing the Blockchain technology is what’s happening right now, and it takes courage to be on the cutting edge. China recently announced that they would put their entire social security system on a Blockchain. Yet, creating a new national digital currency on its own Blockchain is a house of cards from Futurama. The goal here is abundantly clear, as this comes out of the nation’s Cashless Economy project, tying in with their current national payment service known as the ‘Ukrainian Payment Space.’
‘The NBU, like other world central banks, is considering an opportunity of introducing a digital form of national currency using Blockchain technologies,’ reads the report from the National Bank of Ukraine.
Don’t let the qualifier fool you. A central bank doesn’t make an announcement of this nature if the national digital currency isn’t well on its way to seeding their ‘Cashless Economy.’ Late last year, the African country of Tunisia put their national currency on a Blockchain, the first of its kind. Bitcoin and its innovative Blockchain technology are changing the world as we speak, and that may not be a good thing in all circumstances.

This post was published at Coin Telegraph on 2016-11-13.