The National Bank of Ukraine (NBU) has initiated an important change in the country's monetary system, proposing to replace the name of Ukrainian exchange coins from "pennies" to "steps". This initiative is aimed at restoration of historical justice, de-Russification and revival of national traditions in the monetary circulation of Ukraine.
Why the "step"?
According to the head of the National Bank, Andrii Pyshnyi, research into the history of monetary circulation in Ukraine revealed that the name "kopey" is a symbol of the Moscow occupation. Instead, "step" is an ancient Ukrainian word that was used to denote small coins since the 16th-17th centuries. The return of this name will help strengthen national identity and support the process of de-Russification in Ukraine.
Legislative changes
The introduction of a new name for exchangeable coins will require a number of changes in the legislation of Ukraine. In particular, it will be necessary to amend the laws "On pension provision", "On capital markets and organized commodity markets", as well as to Article 249 of the Tax Code of Ukraine to synchronize the terminology. The most significant change will be the correction of Article 32 of the law "On the National Bank of Ukraine", which currently states that the hryvnia is equal to 100 kopecks. In addition, some resolutions of the Presidium of the Verkhovna Rada of Ukraine adopted in the early 1990s, which fixed the name "kopey", will become invalid.
Parallel circulation of coins
The National Bank emphasized that the name change will not lead to the immediate withdrawal of the pennies from circulation. Coins and shags will be in circulation in parallel, which will avoid additional costs for the disposal of old coins and the production of new ones. Citizens will not have to take any measures to exchange pennies for shags.
