In Ukraine, they are actively working on the electronic hryvnia project, and the head of the Department of Payment Systems and Innovative Development of the National Bank of Ukraine (NBU), Andriy Poddyerohin, spoke about the approach of a new stage of development.
According to the head of one of the departments of the National Bank, open testing of the Ukrainian electronic hryvnia is planned until the end of 2024, in which anyone who wishes will be able to participate. Within the framework of this project, it is planned to involve banks and non-banking institutions, which will act as agents of the NBU and be responsible for the distribution of money, as well as for exchange and providing the opportunity for users to dispose of them through their mobile applications.
Podderyogin also reported that the National Bank has already sent invitations to banks to participate in the pilot project, and those that agree will invite their clients to participate.
The announcement of the volume of the electronic hryvnia issue will be made after it is known how many participants will take part in the testing. The second pilot project aimed at the use of e-hryvnia is planned to be carried out in the second half of 2024 with an estimated duration of 6 months.
Project participants will have the opportunity to exchange their cash and non-cash funds for e-hryvnia. Podderyogin emphasized that the NBU does not plan to repeat the practice of China, where electronic yuan was distributed to residents to stimulate interest in the project.
The purpose of the new experiment on the use of the electronic hryvnia by the National Bank is to find out whether there is a demand for such a means of payment among the population of Ukraine and whether it is appropriate to introduce it into circulation. The e-hryvnia was tested for the first time in 2018.
