The National Bank of Ukraine is preparing for the second test on the use of the digital hryvnia. It is assumed that the experiment will be open – that is, everyone will be able to take part in it – and will last about six months, in the III and IV quarters of 2024. This was announced by the Director of the Department of Payment Systems and Innovative Development of the NBU Andriy Poddieriohin.

We plan to make this pilot project open. Banking and non-banking institutions will act as central bank agents for the distribution of money, exchange and allow users to dispose of it using their mobile applications.

Ukrainian banks have already received an invitation from the NBU to participate in the pilot project. Those institutions that agree will invite their clients to join the testing. The volume of e-hryvnia issuance will be announced after determining the true number of banks and individuals who want to take part in the experiment. Within its framework, it will be possible to exchange cash or non-cash funds for e-hryvnia, and pay with digital money offline. “We do not plan to distribute money to interest people, as it was in China,” Mr. Poddieriohin assured.

The NBU conducted the first experiment on the use of e-hryvnia in 2018, issuing 5443 e-hryvnia. They were used only by employees of the regulator. The purpose of the current testing is to determine whether there is a demand for cryptocurrency among the population, and whether there is a real need for its implementation. The NBU is also considering the creation of a technical possibility for programming the e-hryvnia.

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