Ukraine’s central bank introduces banks and businesses to its e-hryvnia project.
The regulator is currently considering several potential applications for its digital coin, including retail payments and cross-border settlements.The National Bank of Ukraine has presented a draft concept for its future central bank digital currency to representatives of banks, other financial institutions and participants in the crypto market. The regulator seeks feedback on the possible issuance of this version of the national fiat currency, the hryvnia.
The project was launched in September, last year. Since then, the NBU has been exploring the feasibility of a large-scale issue of the digital currency. In a quoted statement, the bank’s Deputy Chairman Oleksiy Shaban emphasized that the development and implementation of the e-hryvnia can be the next step in the evolution of Ukraine’s payment infrastructure and elaborated:
During the meeting with the interested parties, the NBU presented the draft design of the e-hryvnia, its architecture, characteristics and advantages for payment service providers, including the option for instant payments. The bank took into account the results of aof financial market experts on the demand for a digital hryvnia, which was conducted in 2021.
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