The use of electronic hryvnia should be convenient and accessible to all segments of the population, businesses and government agencies.
The National Bank of Ukraine presented a draft concept of the digital hryvnia, which is designed to perform all the functions of money and complement the cash and non-cash forms of the Hryvnia. This was announced on Monday, November 28, by the press service of the NBU.
E-hryvnia is an electronic form of the national currency of Ukraine, which will be a direct obligation of the central bank. The use of e-hryvnia, according to the NBU, should be convenient and accessible to all segments of the population, businesses, government agencies, etc.
The National Bank opened the e-hryvnia project in September last year to study the feasibility of its large-scale issuance in Ukraine.
Now the NBU is working on possible options for the use of e-hryvnia, on which its design and main characteristics depend:
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for retail non-cash payments with the possible functionality of “programmable” money: for making targeted social payments, reducing budget costs for controlling the intended use of funds, as well as using smart contract technology to program different payment logic depending on the circumstances;
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for use in an area related to the circulation of virtual assets (for example, for exchange, issuance provision and other transactions with virtual assets);
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to enable cross-border payments.
The National Bank continues to work on the draft e-hryvnia concept together with payment market participants, virtual asset market participants and government agencies. Based on the results of the processing, the regulator will develop the final e-hryvnia concept.
Recall that on September 8, 2021, the Rada authorized the cryptocurrency market and the digital hryvnia. As the Minister of Digital Transformation Mikhail Fedorov said, favorable transparent conditions will be created that will allow companies to register in Ukraine, and not abroad. The budget will be filled through taxes, and businessmen will feel protected.
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Source: korrespondent
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