Ukraine is preparing to launch a digital hryvnia: what you need to know

A digital hryvnia will be introduced in Ukraine - a new form of money that will combine elements of non-cash and cash money.The National Bank of Ukraine is working on a pilot project of a digital hryvnia, which will be a new alternative form of money along with traditional cash and non-cash payments.This was stated by Deputy Chairman of the National Bank of Ukraine Oleksiy Shaban, reports CES.I will start by noting that it is not electronic money, but digital money. Electronic money is something different in nature, and the goal, probably. Now the hryvnia can also be digital. We are not talking about the fact that this will be the only type of currency and the citizen can decide for himself whether to use it or not. If you don’t want to, don’t use it. The third form of the hryvnia is alternative," Shaban noted.According to him, the e-hryvnia allows for automatic payments under certain conditions, for example, state support programs such as "eBook" and "eRecovery" limit the use of funds only to relevant categories of goods, which increases the effectiveness of such initiatives.Oleksiy Shaban explained that the digital hryvnia will be a combination of non-cash money and an analogue of cash, which requires direct control by the central bank. The National Bank plans to launch a pilot project to test the technological aspects of the e-hryvnia. This will take place in a real environment, where participants, including entrepreneurs and wallet owners, will be able to check how the new currency works. The NBU is actively looking for a technological partner to implement the project, and several banks have expressed interest in cooperation. The testing process is exploratory and will allow us to confirm or refute previous hypotheses.Recall that the National Bank of Ukraine plans to replace the exchange rate-forming currency - instead of the dollar, the euro will perform this role. But for ordinary Ukrainians, this transition, as promised by the NBU, will happen slowly and imperceptibly. However, no specific dates for the implementation of this important step have been announced yet.

SOURCE: https://tsn.ua/groshi/ukrayina-gotuyetsya-do-zapusku-cifrovoyi-grivni-scho-treba-znati-2790348.html