National Bank of Ukraine Believes Blockchain Has to Be Extensively Tested Before Any Implementation

According to Sergei Shatski, the head of retail payments department at the National Bank of Ukraine, the country’s banking system is well-developed technologically, however, the regulator needs more time to check everything before actually implementing blockchain technology.

Answering the question of how far is Ukraine from global trends like blockchain integration in banking, Shatski said:

“We’re quite trendy. However, before seriously considering implementation of blockchain, we have to test and check many things,” he said in interview with Minfin.

“Payment processors, banks and financial companies have made a lot so far. We have to invest in security, convenience and solutions inexepensive for end users. Again, we don’t forget about enhancing our people’s financial awareness,” Shatski said.

Shatski also spoke about PROSTIR payment system whose payments cards he believes are absolutely similar to those of Visa or MasterCard. The system allows for the same operations: receiving cash, purchasing things via terminals, or paying online.

“The difference is in the coverage area. International payment systems cover nearly 100 per cent of devices, while we have only around 75. For end users, it means an unpleasant thing: they cannot use their card in any ATM or terminal. However, we have to acknowledge that PROSTIR as it is now is a very young system. The problems with card acceptance are temporary, and any payments system faces them as it develops,” Shatski said.

Sergei Fedotov, a Ukraine-based banker, told ForkLog about development of a banking blockchain platform with open source code which would be focused on banks working with PROSTIR payment system.

Earlier this year, Shatski stated that the NBU was considering using blockchain in their Cashless Economy project which is soon to be implemented in Ukraine.

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