The e-hryvnia will be available for open test access next year. It is a digital currency (CBDC) based on distributed data, like blockchain. Everyone interested will be able to participate in the test.
The National Bank discussed the open testing of the e-hryvnia in response to a query from “Economic Truth”. The pilot project is planned for next year, but the implementation timeline depends on various factors. The NBU will consider the readiness of market participants for the project. The National Bank still needs to find a technological partner who would create a technological solution for the e-hryvnia test according to the requirements of the financial regulator and provide the necessary infrastructure.
“The goal of the pilot is to test the e-hryvnia to determine the technological prospects of performing the functions of money, meeting the needs of users of payment services, and testing hypotheses regarding programmability,” — the NBU stated.
Testing of the e-hryvnia will take place in an open environment with the participation of real users and financial service providers. Anyone can join the test use of the e-hryvnia. The electronic currency will be based on DLT (Distributed Ledger Technology). These are distributed and duplicated databases of shared use that do not require centralized administration and do not have a single point of failure. The most famous example of the technology is blockchain and cryptocurrencies.
The e-hryvnia is a digital currency of the central bank (CBDC). It is another form of money existence, alongside cash and non-cash bank transactions. Unlike the latter, operations do not require intermediaries such as banks or other financial institutions. The e-hryvnia is a direct obligation of the National Bank, which makes it akin to cash money. The NBU will be able to program certain funds: regarding targeted use, the minimum necessary balance on accounts, or even make the money disappear after a certain time (!).
The first testing of the e-hryvnia took place back in 2018. At that time, 5443 e-hryvnias were issued, with which operations such as transfers between accounts, exchange for non-cash money, donations, and mobile phone top-ups were conducted. Open testing was planned for this year, but the project was postponed to the next.
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