As you may know, the Ukrainian government has been showing strong interest in technology for more than a year now. Last year, Ukraine entered into an agreement with the mining giant Bitfury and began developing various government projects based on the blockchain technology. For example, it organized the “OpenMarket” – the world’s first auction of seized property on the blockchain. The issue of the national cryptocurrency has not been ignored as well.

Please Note: This is a Press Release

In December 2017, the National Bank of Ukraine expanded the team of their blockchain technology specialists. On January 17 of this year, the government announced the successful approval of the plan for the development of the country’s digital economy until 2020. And in the March, a pilot project of the national cryptocurrency – “Electronic Hryvna” (eUAH) – has been launched within the framework of the “Cashless economy” project.

However, according to the Ukrainian political news outlet “polit.com.ua“, there is barely any enthusiasm within the leadership of the departments responsible for the financial reform. Apparently, the development of Ethereum-based cryptocurrency has been put in place haphazardly by these departments with disregard of future oversight and management. All this just so they could report higher performance for the time being. Once the results were reported, they shifted their attention to dealing with more pressing problems.

In addition, there is currently no legislation that would completely regulate the national e-currency, and the parliament will only have the time to consider this matter no earlier than September, after the “parliamentary holidays”.

Also, the sources of “polit.com.ua” say that the support and promotion of the project fell entirely on the shoulders of a small team, at least until the introduction of the legislative action. Judging by the project website, there is not enough funding even for proper translation into English (I would not be surprised to learn that the website was translated using google.translate).

Still, at least a mediocre website http://euah.org was created, and the token based on the ERC20 standard. In addition to the information about the full and unchangeable stock of 50 million tokens, as well as lack of mining, it is also known that several percentages of coins are ready to be sent out into free circulation through cryptocurrency exchanges.

It’s doubtful whether the Ukrainian “national cryptocurrency” will survive with such disregard from the government and if they would be able to compete with the current successful projects.