March 23, 2023

Ukraine will launch a national cryptocurrency - digital hryvnia

Ukraine will launch a national cryptocurrency - digital hryvnia

The National Bank of Ukraine is considering options for introducing its own digital currency. As the head noted CB Yakov Smoliy, we are talking about the issue of electronic versions of the hryvnia.

The official stressed that currently up to 80%Central banks around the world are working on the issue of their own tokens (CBDC). Half of the regulators have already moved from research in this direction directly to testing coins.

Ukraine does not intend to lag behind othersStates technologically and also over the past two years, has been actively working on the launch of the digital hryvnia. Smoly added that in 2018, the National Bank successfully tested the token in a closed ecosystem.

The official also emphasized:

“We continue to explore the possibility of issuing e-hryvnia and will be ready to return to this issue when we are convinced that we have the technical ability to implement our plans.”

The central bank calculates that the output of electronichryvnia will be accompanied by the expansion of the appropriate infrastructure for processing transactions with such a coin. The main advantage of using e-hryvnia is the minimal costs associated with the issue and storage of cryptocurrency, added Smoly.

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