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The National Bank of Ukraine has decided to postpone the implementation of the electronic hryvnia due to the ongoing full-scale war. According to the head of the NBU, Andriy Pyshny, the regulator will use this time to improve the technical solutions necessary for the launch of the digital currency.

This is reported by Finway

Experience of International Central Banks

Andriy Pyshny emphasized that the National Bank is actively adopting the experience of leading central banks around the world. The focus of the study includes the developments of the European Central Bank, the Bundesbank, and the Central Bank of Singapore. The Ukrainian regulator aims to create an optimal model for the digital hryvnia, taking into account the best practices and global innovations in this field.

“We are closely monitoring the developments of other central banks: the European Central Bank, the Bundesbank, and the Central Bank of Singapore. We want to make this decision as high-quality as possible, considering the best global experience,” explained the head of the NBU.

Project Postponed Until More Stable Times

According to the head of the National Bank, the implementation of the digital hryvnia requires significant investments, so the launch of the project has been postponed until the situation in the country becomes more stable. Currently, the NBU is completing preparatory work, including the search for a technological partner and the development of the architecture for the future e-hryvnia.

The NBU notes that the development and implementation of the electronic hryvnia will be an important stage in the development of Ukraine’s payment infrastructure. The e-hryvnia is expected to facilitate the digitalization of the economy, expand cashless payments, reduce their costs, and increase transparency and trust in the national currency. This step is also intended to strengthen economic security and the monetary sovereignty of the state, as well as enhance the NBU’s capabilities to support price and financial stability.

Recall that the concept of the digital hryvnia was presented by the National Bank back in 2022, and preparations for the pilot launch are still ongoing.