The Birth of UAX: A Groundbreaking Initiative
In a historic moment for the Ukrainian cryptocurrency scene, the Kuna exchange has rolled out its innovative stablecoin, the UAX token, pegged directly to the Ukrainian hryvnia (UAH) at a 1:1 ratio. Set against the backdrop of an ever-evolving digital financial landscape, this launch represents a significant milestone, with UAX built on the Ethereum blockchain.
Open Beta Testing: UAX Takes the Stage
Kicking off its open beta testing phase that started on February 20 and lasting until March 20, 2020, select users of Kuna are getting a sneak peek of UAX. This initial phase focuses on technical testing across decentralized finance platforms along with engaging with market participants. The aim? A thorough investigation into economic theories that could shape the future of crypto in Ukraine.
A Bit of Background: Regulation and Challenges
While Kuna’s founder, Michael Chobanian, asserts that Kuna is the spearhead in launching a hryvnia-backed stablecoin, the regulatory waters remain murky at best. Ukraine’s central bank had previously piloted a national digital currency, the e-hryvnia, yet progress has been slow and limited to research stages. Chobanian has been candid in acknowledging the lack of formal regulations surrounding stablecoins in Ukraine, revealing that Kuna will presently operate under its own oversight mechanisms.
Emphasis on Transparency and Security
UAX isn’t just a pretty face in the crypto world; it’s built on foundational principles of security. To ensure that the token maintains its 1:1 peg with the hryvnia, Kuna plans to employ a Proof-of-Reserve auditing method, astutely adopted from leading global exchanges. This practice promises independent verification that all customer funds are securely held, instilling confidence in UAX’s stability.
Looking Ahead: A Bright Future for Cryptocurrency in Ukraine
As we approach April 28, 2020, when Ukraine’s new virtual assets law is set to come into effect, the future for cryptocurrency stands on more solid ground. Chobanian remains optimistic about the advancements and legislative developments that could further support the crypto ecosystem. With the first issuance of a million UAX tokens, worth approximately $40,000, the foundation for a potentially prosperous digital currency landscape in Ukraine is being established.
The Visionary Behind the Movement
Launched in March 2014, Kuna has been at the forefront of Ukraine’s Bitcoin exchange market, with Chobanian being a pivotal player in local cryptocurrency advocacy. As co-founder of the Bitcoin Foundation Ukraine and president of the Bitcoin Association Ukraine, Chobanian is leading the charge for a more integrated and secure crypto future in the country, making his mark not just with UAX but with a broader vision for the industry.
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