Recently National Bank of Ukraine decided to issue electronic money based on the Blockchain.
Actually that's not bad because we are ahead of lots of other countries that are just trying to implement this technology.
However there are a couple of things that are bothering me.
First, is that whenever government creates something, it is usually done with some concealed purpose. In this case we are talking about money, thus it will be so much easier to track the transactions of ordinary people and businesses.
And the second thing that makes me feel not okay is their strategy. In particular, they want to drastically decrease a demand on cash.
To be honest, I’m thrilled to hear that because I’m not a fond of cash. At the same time, I’m curious about what exactly they are going to do in order to achieve this goal.
My gut suggests me that it can be a very similar approach to India where 2 largest denomination bills have been eliminated recently. I’m pretty sure that it might happen in the next few months or even sooner.
It is a government issued currency, which means it can be controlled and manipulated, even if it is electronic. Apparently banks are afraid of Bitcoin and things like that and they try to do all their best in order to protect themselves.
Obviously, I can be wrong on this one but I have no idea why but this “cash banning” cycle became like a fun game to play for governments across the globe.
I’m definitely not against implementing the Blockcain technologies. In fact it is absolutely phenomenal and necessary evolution. But I suppose we all have to prepare for some dramatic change in terms of cash here in Ukraine as well.
Tell me what you think about it. I’m really curious.