Ukraine’s Central Bank on a Quest to Hire a Blockchain Developer

Ukraine’s Central Bank (NBU) is looking to employ a blockchain (BC) developer. The Bank’s IT director, Vladimir Nagornyuk, has recently published an advert announcing the opening. The LinkedIn posting described the roles, responsibilities, and benefits that come with the office.

Forklog quotes Nagornyuk’s post stating NBU will offer the candidate “opportunities for professional development. The BC will be in a stable and transparent organization. Again, it’ll give them “market level remuneration” with performance-based bonuses. Other perks include a corporate pension plan and flexible working hours.

The BC expert will likely support NBU’s digital currency project. The vacancy coincides with the Bank’s preparations to pilot the e-hryvnia.

Supporting Ukraine’s CBDC Project

According to the ad, the specialist will lead infrastructure services development, implementation, and refinement. The expert will also ensure accessible distributed systems and services (Hyperledger).” The future hire will focus on the design and development of microservices and integration solutions. Additionally, it’ll emphasize the development of smart contracts, registers, and architectural solutions.

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The National Bank of Ukraine (NBU) says it’ll support the expert access training courses. Moreover, it’ll provide them with the chance to contribute to the country’s development. From its looks, the office holder will join NBU’s Central Bank Digital Currency (CBDC) development project.

Borrowing From International Experience

The NBU has been exploring the issuance of the country’s digital currency since 2016. The currency identified as e-hryvnia is still a work in progress. According to Oleksandr Bornyakov, Ukraine’s deputy minister of digital transformation, NBU experts have considered international experience in developing the currency. Furthermore, they’ve researched its legal aspects and macroeconomic effects before its rollout.

In June this year, the Ukrainian Parliament passed legislation paving the way for the currency’s issuance. President Volodymyr Zelensky has since signed into law the bill “On Payment Services.” The bill gives the NBU powers to mint a digital version of the Ukrainian fiat currency.

Piloting the E-hryvnia

A recent survey identified that the financial industry backs a BC-based digital hryvnia. The development could allow peer-to-peer transfers. Additionally, e-commerce and transactions will also happen through e-hryvnia in the crypto space. The NBU holds that the application of its CBDC in the virtual assets sector needs more scrutiny.

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Soon e-hryvnia will be available for testing. Ukraine’s Ministry of Digital Transformation revealed they could pay its employees in e-hryvnia. Recently, Arsen Makarchuk, Head of the NBU Strategy and Development Department, stated that the Bank could launch a pilot project by the end of the year.