The National Bank of Ukraine is studying the feasibility of introducing its retail digital currency (CBDC), the e-hryvnia. A pilot project is currently being prepared, as stated by Deputy Governor of the NBU Oleksiy Shaban.
According to Shaban, the e-hryvnia should supplement cash and funds kept on accounts. It will not replace them but only provide an additional option to use at will.
A pilot project, for which preparations have already begun, can help make this decision. It is planned to be conducted on the basis of DLT (Distributed Ledger Technology) and in an open environment, i.e., with real users and payment service providers. This will make it possible to verify whether the e-hryvnia is capable of performing the functions of money, whether it will meet users’ needs, and whether its programmability is effective.
E-hryvnia is the NBU’s digital money, an electronic form of the Ukrainian currency issued by the National Bank.
