Ukraine’s Central Bank on Benefits of an Electronic Version of Their National Currency

On Monday (28 November 2022), National Bank of Ukraine (NBU), which is the central bank of Ukraine, talked about the potential benefits of “E-hryvnia”, an electronic form of the monetary unit of Ukraine.

According to the English translation (by Google) of NBU’s press release, yesterday, the NBU “presented to the representatives of banks, non-banking financial institutions and the virtual asset market for discussion and feedback the project of the concept of e-hryvnia.” In September 2022, NBU launched the e-hryvnia project with the aim of determining “the feasibility of a large-scale issue of a digital form of the hryvnia in Ukraine on the basis of conducted research.”

NBU says that the main purpose of e-hryvnia is “to effectively perform all the functions of money, supplementing the cash and non-cash forms of the hryvnia” and that “the use of e-hryvnia should be convenient and accessible to all segments of the population, legal entities, state bodies, banks and non-bank financial institutions.”

Deputy Chairman of the National Bank Oleksiy Shaban stated:

“The development and implementation of the e-hryvnia can be the next step in the evolution of the payment infrastructure of Ukraine, it will contribute to the digitalization of the economy, the further spread of cashless payments, the reduction of their cost, the increase in the level of their transparency and the increase of trust in the national currency in general. 

“This can have a positive effect on ensuring economic security and strengthening the monetary sovereignty of the state, will strengthen the ability of the National Bank to maintain price and financial stability as a guarantee of sustainable economic growth.“

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