Launch of the Pilot Electronic Hryvnia

by Olha Povaliaieva
Monday, November 15, 2021
Launch of the Pilot Electronic Hryvnia

The National bank of Ukraine shared plans to issue electronic national currency

"Currently, together with the Ministry of finance, as well as other interested government agencies (including the Ministry of finance, Ministry of social policy, State tax service of Ukraine, State treasury,) we study the optimal characteristics of e-hryvnia, user cases, and models, production architecture, technology," said Yaroslav Matuzka, deputy head of the National bank of Ukraine.

The number one step will be developing the concept of the digital hryvnia from the National bank.

"This is a research and analytical work, as a result of which we will obtain a specific business model, architecture, design, technology, accounting model and analyze the impact of e-hryvnia on monetary policy, financial stability, market openness, study and take into account international experience," said Matuzka.

Step number two — pilot launch.

"Based on the approved concept and after the appropriate development of regulatory and regulatory acts, a test/pilot issue and use of e-hryvnia in an open ecosystem will be carried out. This, in particular, will help to analyze the effects of the central bank's digital money issue and decide on a full-fledged issue," Yaroslav Matuzka shared.

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