Ukraine Speeds Up Digital Hryvnia Project, Plans Pilot for This Year

The Ukrainian authorities are accelerating the development of the electronic hryvnia, said a senior government official. The executive branch in Kyiv is currently negotiating with the central bank and the enterprises involved in the project to pilot the launch of the digital currency as early as this year.

The Minister said that Ukraine seeks to launch a digital hryvnia earlier than planned

The Ministry of Digital Transformation of Ukraine wants to step up work to complete the development of the national electronic hryvnia (e-hryvnia), its head Mikhail Fedorov said in an interview. The original plan was to start a pilot phase in 2024, but now the government wants to do so this year.

The first blockchain transactions with the digital hryvnia have already been completed, Fedorov told the business news portal RBC-Ukraine. “It is developing, I was recently presented with an electronic hryvnia based on the Stellar product,” the minister said.

In January 2021, the agency selected the Stellar Development Foundation as a partner to build the country’s virtual asset ecosystem, including infrastructure for the Ukrainian central bank’s digital currency (CBDC).

The National Bank of Ukraine (NBU) presented the “draft concept of the electronic hryvnia” to representatives of the crypto industry, banks and other financial institutions in November 2022. In January of this year, Tuscombank tested the currency on Stellar. net.

The CBDC implementation plan is included in the Strategy of the Central Bank until 2025. Fedorov, who is also Ukraine’s vice prime minister, said he wrote a letter to the NBU insisting on the need to speed up the development of the electronic hryvnia. .

In accordance with the current Ukrainian legislation, the NBU should launch a pilot digital hryvnia in 2024, the digital minister recalled. “But we want to start this year, not postpone until next,” emphasized Mikhail Fedorov, who is also a supporter of cryptography.

Despite the ongoing conflict with Russia, Fedorov recently confirmed Kyiv’s “very ambitious plan” to make Ukraine the most digitalized country in the next two years.

“Digitalization will be the basis for recovery. We carry out these reforms during the war,” Fedorov. said Journalists on the sidelines of the World Economic Forum in Davos last month also promised that the Eastern European country would become “the best crypto jurisdiction in the world.”

Do you think Ukraine will be able to launch a digital hryvnia this year? Tell us in the comments section below.

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