A country to introduce an official digital currency in Europe. Press release issued by Central Bank

National Bank of Ukraine Ukraine’s monetary unit has put forward plans to introduce a digital currency – e-hryvnia – that will become an electronic version of the hryvnia.

According to the regulator, its main purpose is to effectively implement all functions of money, “supporting monetary and non-monetary forms of the hryvnia.”

“The use of e-hryvnia should be convenient and accessible to all categories of people, legal entities, state bodies, banks and non-bank financial institutions,” the National Bank of Ukraine said in a statement.

“The development and implementation of e-hryvnia may be the next stage in the evolution of the payment infrastructure of Ukraine, which will contribute to the digitalization of the economy, the further spread of cashless payments, their cost reduction, their increased transparency, and in general, the increase of trust in the national currency. It will also have a positive effect on strengthening sovereignty, strengthening the National Bank’s ability to maintain price and financial stability as a guarantee of sustainable economic growth,” said Oleksiy Shaban, Deputy Chairman of the NBU.

The National Bank presented the proposal on Tuesday to representatives of banks, non-banking financial institutions and the virtual asset market.

The NBU revealed that the potential design of e-hryvnia, its structure, features and benefits for payment service providers, in particular, the use of a technical platform for instant payments, service planning and data flow analysis will create numerous opportunities for innovation. Business opportunities, digitizing services, attracting new customers and optimizing costs.

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