The Ukrainian cryptocurrency exchange KUNA has developed the concept of a token based on the hryvnia.
According to the concept, KUNA has completely revised the legal model of the token, which had previously been supposed to provide hryvnia with stocks of traders on the personal wallets of the exchange.
“We left this concept because it is not scalable and legal persons cannot participate in it. In addition, we need physical persons who can send money from their current bank account because bank account doesn’t have restrictions, which are on the card” – Chobanyan noted.
Now the model is at the final stage of development, after which it will be sent to law firms for a stress test. Within two to three weeks after testing, the legal implementation of the token will begin.
The technical model is still being worked out virtually. Mikhail Chobanyan did not disclose its details, but promised that the coin would be truly decentralized and would be able to function even before the adoption of the law on the regulation of cryptocurrency.
“The release of a certain analogue of the hryvnia token without violating the laws is not an easy process, especially in Ukraine. The new model, in fact, will allow working normally with the banking system, touch it indirectly. The National Bank will not be here with business, ” – he emphasised.
It is expected that the full commercial operation of the token will begin in 2019. Chobanyan hopes that within a year after its launch, KUNA will be able to attract 1 billion UAH.
In addition, the plans of the cryptographic cooperation with the Chinese partner, as well as access to the markets of Russia, Georgia, Armenia and Turkey.