NBU Unveils E-hryvnia Concept to Payment Market and Virtual Asset Market Participants

The National Bank of Ukraine has presented for discussion and feedback a concept of the e-hryvnia – the NBU digital money – to representatives of banks, nonbank financial institutions, and the virtual asset market. The e-hryvnia is an electronic form of the currency of Ukraine that will be the NBU’s direct liability. According to the regulator, the key purpose of the e-hryvnia is to effectively perform all functions of money and to supplement cash and noncash forms of the hryvnia. The e-hryvnia should be easy to use and accessible to all population groups, legal entities, state authorities, banks, and financial institutions. As previously reported, in September 2021, the NBU launched the E-Hryvnia Project in order to determine the need for a full-scale issue of the Ukrainian digital hryvnia based on the conducted research.