For the time being National Bank of Ukraine has been searching for a developer who can develop a “blockchain” network for the bank specifically for the future CBDC. The advertisement with respect to hiring a blockchain developer has been published by the bank because the bank is ready to test e-hryvnia and plans to issue public officials’ salary through the CBDC before the end of 2021. Impressive perks are awaiting suitable candidates, says National Bank of Ukraine.
National Bank of Ukraine is the country’s central bank which is currently working on the CBDC project.
CBDC is called “Central Bank Digital Currency” meaning that a CBDC is a digital currency similar to any cryptocurrency. However, the major difference between the two is that a CBDC is issued by a central bank of a particular country. On the other hand, in the case of crypto, it is purely a private currency issued by private persons. The concept of CBDC was born with the birth of cryptocurrencies but at that time there was no recognition of crypto. With the latest crypto boom, which occurred at the end of 2019, the concept of CBDC was again came under discussion.
Currently, there are some 9 CBDCs which are available in the market and the major CBDC is that of China. At least 87 countries are working on the project and the National Bank of Ukraine is amongst one of them.
Ukraine is undoubtedly a crypto friendly state whose state machinery is also encouraging and promoting crypto industry. The Ukraine’s CBDC project i.e. e-Hryvnia National Bank of Ukraine is about to be completed and may very soon be undergoing testing. For the purposes of testing, National Bank of Ukraine will have to first develop a blockchain network for e-Hryvnia. So with the ultimate aim of developing a blockchain network, the bank is currently seeking applications for interested developers. The advertisement seeking suitable candidates can be found also on Linkedin. Those interested can submit their CVs, applications with a cover note and become part of National Bank of Ukraine’s CBDC project.
It was also revealed by the bank that it plans to conduct initial testing of the project before the end of 2021. For the testing, the bank has already prepared a strategy. It has been informed that initially public officials’ salaries will be transferred to them through e-Hryvnia. If the initial testing is successful, then the future testing will be expanded to include general public as well. However, in order to conduct the testing, it is essential that blockchain network is developed and send live. Otherwise, there will be no point of testing the CBDC because without the network, test cannot be conducted.
This is a massive opportunity for every developer from the private sector because the perks are impressive.