Tascombank, the oldest banking institution in Ukraine, has successfully completed a Stellar network-based electronic hryvnia, a digital cryptocurrency, pilot testing, crypto media outlet Bitcoin.com reported on January 15.

According to the local blockchain media channel Forklog, the bank said in the paper that transactions involving the new digital asset were completed in line with the laws currently in place on know-your-customer and anti-money laundering.

Furthermore, Tascombank underlined that its research showed a number of benefits of using blockchain, including transparency between all participants in the transactions and at all stages of circulation, improved security and confidentiality for user data, low costs, and high capacity. The bank added that it intended to keep researching the creation and use of electronic money based on blockchains. The potential application of such funds in retail non-cash payments will be one of the topics covered by its future study.

Amid bear inflation, over the past two days, the value of Bitcoin, the largest cryptocurrency, peaked at $21,299. It hadn't been above $20,000 since November 8, and Saturday marked its 11th day in a row of gains. Ether, the second-largest cryptocurrency, increased to 9.7%, while other coins like Cardano and Dogecoin also registered significant gains. For the first time since early November, the total market capitalization of the cryptocurrency industry exceeded $1 trillion.