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Ukraine has completed a pilot project to launch an electronic hryvnia (CBDC)

The Central Bank of Ukraine (National Bank of Ukraine) has completed an expanded pilot project for launching a digital currency of the central bank (CBDC) “e-hryvnia” (e-hryvnia) and continues to study the prospects for using the appropriate tool, said the director of the payment systems and innovative development department of the central bank Alexander Yablunivsky.

“At the end of last year, we launched a practical pilot, when this tool was issued for NBU employees according to the existing methodology, in order to assess the practical aspect of its use, the strength of the central bank in implementing such tools, and get some feedback from users. Now the pilot is complete. We have prepared an analytical note, and we will consider it on the board of the National Bank, ”he said at a press conference in Kiev on Friday.

Over time, the NBU will publish an analytical note, which will include an analysis of both a practical pilot project and global trends in this area.

Yablunivsky also noted that today there is no common understanding and a common strategy for the development of such currencies in the world. Moreover, a few central banks of the world have moved to the practical phase of research, instead of theoretical reasoning of the impact of such tools on monetary policy and on the ecosystem of calculations.

“Therefore, we are in this issue, one might even say, ahead of world leaders, since we have made a step in practical research, albeit a small one,” he said.

Together, the representative of the NBU also drew attention to the fact that the e-hryvnia is not a cryptocurrency, but a digital currency of the central bank (central bank digital currency, CDBC) and it can be implemented both on the technology of the centralized registry and the decentralized one.


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