The National Bank presented the e-hryvnia concept project

The National Bank of Ukraine presented the e-hryvnia concept project.

According to the definition of the NBU, e-hryvnia is an electronic form of the monetary unit of Ukraine, which will be a direct obligation of the central bank. According to the regulator, its key purpose is to effectively perform all the functions of money, supplementing the cash and non-cash forms of the hryvnia.

The project itself is not new, it was opened back in September 2021 to determine the feasibility of a large-scale issue of a digital form of the national currency in Ukraine.

During the presentation, the possible design of the e-hryvnia, its architecture, characteristics and advantages for payment service providers were demonstrated.

It was also presented:

• the possibility of using the technological platform for instant e-hryvnia payments,
• how service programming and data flow analysis will create broad opportunities for the emergence of new business cases.

As of today, the following options for using the e-hryvnia are being considered:

1. for retail non-cash payments with the possible functionality of "programmed" money,
2. for use in the field related to the circulation of virtual assets (for example, for exchange, provision of issuance and other operations with virtual assets),
3. to ensure the possibility of making cross-border payments.

The NBU notes that the design and main characteristics will depend on the application options.

The National Bank continues to develop the e-hryvnia concept project with participants of the payment market, participants of the virtual assets market and state bodies.