UAX (cryptogrive)

Main article: Cryptocurrencies

2020: Cryptogrive launch

In February 2020, the Ukrainian cryptocurrency exchange Kuna announced the launch of the UAX steablecone. This project is called cryptogrivna and launched on the basis of the Ethereum blockchain network.

UAX supports the ERC20 and ERC865 standards. The first issue was 1,000,000 UAX tokens. Cryptogrivna is tied to Ukrainian national currency in a ratio of 1:1.

Cryptogrivna launched in Ukraine

To maintain the stability and security of the UAX token, Kuna uses a method that allows the company to maintain one reservation indicator between the UAX cryptocurrency token and a linked resource in paper currency. This method is called Proof-of-Reserve.

By the end of February 2020, UAX is in beta testing, which includes integration with market players, technical tests in DeFi platforms and research work.  The full launch and presentation of the project is scheduled for March 2020 - steablecoin will be publicly presented by the founder of the Kuna exchange Mikhail Chobanyan at the BlockchainUa 2020 conference.

According to Chobanyan, Kuna will be the first exchange to release a steeblockin tied to the hryvnia. As for the regulation of UAX, Chobanyan said that his company will use its own infrastructure for regulatory control until the relevant laws on the regulation of cryptocurrencies are adopted in the country. 

The UAX token is not related to the electronic hryvnia, the issue of which is allowed by the Ukrainian national bank. The regulator is ready to issue electronic money, but first it wants to make sure that this issue does not violate the trend towards a slow increase in prices in the country, said  the head of the national bank , Yakov Smoliy. In January 2020, the Minister of Finance of Ukraine Oksana Markarova said that  cryptocurrency transactions will be subject to financial monitoring.^[1]

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