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04 Dec. 2024

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Ukraine announces open testing of the electronic hryvnia: when will it take place?

Finance
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Ukraine
Ukraine announces open testing of the electronic hryvnia: when will it take place?

The National Bank of Ukraine intends to test the digital hryvnia next year. Find out how the pilot project is planned and what is known about the launch of Ukrainian electronic money

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The National Bank of Ukraine wants to conduct a pilot project to issue digital money - the e-hryvnia. In a commentary to Ekonomichna Pravda, the NBU named the period when the pilot launch of electronic money is planned.


Digital hryvnia will be tested in 2025


The NBU plans to launch the pilot project in 2025, but there are a number of factors that may affect the timing.


‘In particular, it is necessary to take into account the willingness of financial market participants to participate in the pilot, as well as to identify a technology partner that will provide its technological solution for testing the e-hryvnia that will meet the requirements of the National Bank and the e-hryvnia architecture, and to set up the appropriate infrastructure,’ they said.


The NBU explained that the project aims to test the e-hryvnia to determine the technological prospects for performing the functions of money, meeting the needs of payment service users, and testing hypotheses about programmability.




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How will the testing take place?


The digital hryvnia will be tested in an open environment with real users and payment service providers.


What is the e-hryvnia?


The e-hryvnia is the Ukrainian version of the central bank digital currency (CBDC). It is a new form of money that complements cash and non-cash funds held in bank accounts. The main difference is that the electronic hryvnia does not require intermediaries such as banks or financial institutions. It will be a direct liability of the central bank, just like cash, but will exist exclusively in digital format.


Ukraine was one of the first countries to test its own central bank digital currency (CBDC). The first practical tests were conducted between September and December 2018. The National Bank of Ukraine, together with the project partners, created a full-fledged environment for working with the e-Hryvnia. As part of the testing, NBU employees were able to transfer funds, top up their mobile accounts, and perform other operations in this digital ecosystem.


We remind you! In July 2024, The Economist published updated data on the Big Mac Index, according to which the hryvnia is significantly undervalued against the US dollar.


Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.




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