The e-hryvnia, the country`s future digital currency, has been conceptualized by the central bank of Ukraine and made available to interested parties.
Retail payments and cross-border settlements are two uses for the regulator’s digital coin that are currently being considered.
The National Bank of Ukraine (NBU) has given representatives of banks, other financial institutions, and participants in the cryptocurrency market a draft concept for its future central bank digital currency (CBDC).
Regarding the potential issuance of this variation of the national fiat currency, the hryvnia, the regulator is looking for input.
According to the monetary policy regulator’s explanation in a statement released on Monday, the main function of the e-hryvnia will be to supplement the cash and non-cash forms of the Ukrainian currency.
Several potential e-hryvnia implementations are now being considered by the National Bank of Ukraine.
According to the central bank, “the e-hryvnia can become one of the important components of the quality infrastructure development for the virtual assets market in Ukraine. ” Additionally, it can facilitate cross-border payments, which will speed up, reduce cost, and increase transparency.
Ukraine has not yet fully regulated its virtual currency market.