The National Bank of Ukraine publishes a draft concept for the digital hryvnia

One ​​of the design options for Ukraine CBDC describes e-hryvnia available for use in crypto exchange operations .

The National Bank of Ukraine (NBU) presented a draft concept for its digital hryvnia candidate for the Central Bank Digital Currency (CBDC), or e-hryvnia.

On November 28, the Central Bank of Ukraine issued a statement on the concept of e-hryvnia, which aims to perform all functions of money by complementing monetary and non-monetary forms of the hryvnia as its main purpose .

The NBU said it introduced the e-hryvnia concept and continues to develop the CBDC project with participants from the virtual asset market, payment companies and public bodies.

According to the announcement, the central bank is currently considering and developing three possible CBDC options, based on design and key features.

The first option describes e-hryvnia for non-cash retail payments with the possible functionality of "scheduled" money via smart contracts. A retail e-hryvnia would allow the implementation of targeted social payments and the reduction of public expenditure on administration, the NBU said.

The second option CBDC envisions e-hryvnia available for use in operations related to cryptocurrency exchange, issuance and other operations of virtual assets. “E-hryvnia can become one of the key elements in the development of quality infrastructure for the virtual asset market in Ukraine,” the announcement notes.

The third option includes e-hryvnia to enable cross-border payments to provide faster, cheaper and more transparent global transactions.

"The development and implementation of e-hryvnia can be the next step in the evolution of Ukraine's payment infrastructure", Oleksii Shaban, Director of NBU Payment Systems and Development innovative...