Eng 
Укр A digital banknote (paperless banknote) with a denomination of 1 million euros was issued
The product is Paperless Banknote ON® (digital banknote), issued as a stable coin in accordance with regulatory norms MiCA (Markets in Crypto Assets Regulation). The product is being tested in the EU jurisdiction with the participation of members of the Association of Czech Banks, and on November 21, at a meeting of the fintech committee of the Association of Ukrainian Banks, a decision was made to expand the range of banks for storing reserves.
The regulated platform, where the stablecoin circulation was tested, verifies users during exchanges, including the purchase of a banknote or its conversion back to hard currency, complying with AML (Anti Money Laundering) and CFT requirements (Combating the Financing of Terrorism). For verified wallets, this provides fast transactions without the amount restrictions typical of standard unregulated stablecoins.
The banknote is issued in a ratio of 1:1 to hard currency in a reserve account in one of the leading European banks. This means that the face value of any banknote is backed by an equal face value in hard currency in each user's bank account. Unlike unregulated stablecoins, this regulated stablecoin gives the user access to collateral held in hard currency 100% of the time, with 0% transaction fees for intra-network transfers.
EN
€1 Million Paperless Banknote has been issued
The product is ON® Paperless Banknote (digital banknote) issued as a stable coin in compliance with MiCA (Markets in Crypto Assets) regulations.
Testing of the product is being held in an EU jurisdiction with the participation of Czech Banking Association members. Development of the product was patronized by the technical financial committee of the Association of the Ukrainian Banks. On the 21st of November, 2023 the decision to enlarge the number of reliable EU banks to hold equity was taken, and accordingly an address to their Czech counterpart was adopted.
The testing of ON® Paperless Banknote circulation is being held on a regulated platform that verifies the users adhering to the requirements of AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism) regulations. As compared to non-regulated stable coins the verified ON® Paperless Banknote not only continues their advantages in speed of transactions and unlimited sums but also adds the advantages of 1:1 equity that is 100% of time in hard currency on an account with an EU bank. The user always has equity checking ability and zero transaction costs within the network.
The first results of testing ON® are very encouraging and cause interest with financial actors. We are glad to share this info with you and will keep you updated on this.
