The decision on the large-scale issue of e-hryvnia has not yet been made.
The National Bank of Ukraine is considering the possibility of creating its own retail digital currency – the e-hryvnia. The pilot project is already in preparation.
This was announced by Deputy Head of the NBU Oleksiy Shaban.
The e-hryvnia will not replace cash or funds in accounts, but will be an additional opportunity for users. As Shaban noted, this digital currency should complement traditional ways of storing money.
“However, to date, the decision on the large-scale issue of e-hryvnia has not yet been made,” Shaban noted.
He noted that the adoption of such a decision could be facilitated by a pilot project, preparations for which have already begun. The project is planned to be implemented on the basis of DLT (Distributed Ledger Technology) in an open environment with real users and payment service providers. This will allow us to assess whether the e-hryvnia can perform the functions of money and whether it will meet the needs of users.
Deputy Chairman of the National Bank of Ukraine, Shaban, said that the e-hryvnia is a digital form of the hryvnia issued by the NBU. This is stated in the Law of Ukraine “On Payment Services”.
“That is, it is the same hryvnia, only in digital form. Like physical (cash) money, it is an obligation of the central bank,” Shaban said.
The e-hryvnia, if introduced, will become legal tender in Ukraine and will exist exclusively in non-cash form, complementing traditional money. It will perform all the functions of money and will be available to all categories of users.
Ukraine plans to introduce the e-hryvnia, which will provide users with the opportunity to carry out a wide range of payment transactions, namely:
- transfers between individuals (transfers between users' wallets);
- payment for goods and services;
- payments in favor of the state;
- charitable payments;
- receive wages and other income, social benefits.
Recall that the Cabinet of Ministers launched the creation of a postal bank in Ukraine.