E-hryvnia is on the way: NBU prepares Ukraine to launch digital currency
7 August 20:57
The National Bank of Ukraine is preparing to introduce a pilot project to test the digital hryvnia, or e-hryvnia, which will complement existing non-cash and cash forms of money. Currently, the NBU is finalizing the search for a technology partner and working on the project architecture, according to an interview with RBC-Ukraine’s Andriy Pyshnyi, the regulator’s head, "Komersant Ukrainian" reports.
He noted that the experience of other central banks is being studied in parallel, in particular within the framework of the Digital Euro project. In particular, the NBU team is cooperating with the European Central Bank, the Bundesbank, the Bank of Belgium, the Bank of France, and the Bank of Singapore.
We want this pilot to give us as much information as possible to make a decision on a large-scale issue,” Pyshny emphasized.
E-Hryvnia: when will the country receive a digital version of the national currency?
The electronic hryvnia is a digital form of the national currency issued by the NBU, not private platforms or cryptocurrency schemes. The pilot will take place in an open environment with the participation of real consumers, banks, and non-bank payment providers, using DLT technology.
The e-hryvnia is the same hryvnia, only in digital form. But the decision on a large-scale issue has not yet been made,” explained Oleksiy Shaban, Deputy Governor of the NBU.
“The pilot is planned to be launched in 2025, while the first closed test took place in 2018-2019 with a limited number of participants and a small issue.
Who and how in Ukraine first started talking about the “electronic hryvnia”
In April 2021, the current NBU Governor Kyrylo Shevchenko spoke about the work of the regulator about the regulator’s work in this area.
“CBDC is a digital currency of central banks. Today, it is more of an R&D area, even more towards research. Why? As my colleagues say, we need to find a use-case, i.e., a use case, to find where this digital e-hryvnia will be more useful for citizens, market participants, and the state,” Shevchenko explained.
He added that the national financial regulator has discussed the prospect of using electronic money in Ukraine with professional market participants.
“At the end of last year (December 2020 – ed.), our team launched a survey and asked experts to answer a number of questions about 6 possible use cases for the e-hryvnia to determine the potential demand. They cover retail and corporate payments, targeted social payments, securities settlements, and even cross-border payments,” Kyrylo Shevchenko reported.
He emphasized that any tool, including the e-hryvnia, has an impact not only on digital but also on monetary policy. Therefore, before implementing it, the NBU will seek answers to the question of the impact of the new payment instrument on monetary policy and financial stability of the country.
Why e-hryvnia is needed: benefits and goals
The NBU points to several key benefits of the electronic currency for Ukraine:
- digitalization of the economy and development of the national payment infrastructure;
- reducing transaction costs and expanding access to payments;
- improving transparency of payments and fighting corruption;
- support for financial inclusion and enhancement of the country’s monetary sovereignty.
How the digital hryvnia will work in everyday life
Users will be able to choose the payment format at their own discretion: cash, bank transfers, or e-hryvnia. It should be noted that the NBU does not plan to completely abandon cash. The platform will remain as anonymous as possible: personal data will be stored by banks, and the NBU will act as an operator and will not have access to confidential information.
The NBU is preparing a digital currency pilot: what’s in store for the future
After the deployment of testing and data collection, the NBU will decide on the project’s scale. A possible phased launch will include the use of e-hryvnia in the areas of government payments, social programs, salaries, B2B transactions, and cross-border payments.
Programmability of money may become one of the most important functions. For example, social assistance funds will be used only for goods for a limited period.
As Andriy Pyshnyi noted:
“It is too early to say that the decision to issue e-hryvnia is about to take place.
It is expected that the mass introduction of the digital currency will take place in 2026-2027, after a thorough data analysis and legislative preparation.
The e-hryvnia project is a strategic step in the development of Ukraine’s financial system. It has the potential not only to improve the payment infrastructure, but also to provide the government with a tool for effective cost control. In 2025, the pilot project will be a crucial test for further decisions of the regulator.
Read also: Digital hryvnia to be launched in Ukraine: The National Bank is preparing for testing
Money of the future: what Ukrainians need to know about electronic currency
As of August 2025, the central bank digital currency (CBDC – Central Bank Digital Currency) has been fully or partially launched in more than 10 countries. More than 100 countries are in the process of research, testing, or piloting.
Countries where digital currency has already been officially introduced:
1. China – digital yuan (e-CNY). It is being actively tested in more than 20 cities. It is used for government payments, payments in the subway, shops, and online services.
2. Nigeria – eNaira. It became the first African country with a digital currency. It was launched in 2021 but has a low level of trust and is not widely used.
3. Bahamas – Sand Dollar. The country made the world’s first full-fledged launch of a national digital currency (2020).
4. Jamaica – Jam-Dex. A digital currency for domestic payments that is being actively implemented with government support.
5. Eastern Caribbean States (ECCU ) – DCash. It is being implemented in several island countries, including St. Kitts and Nevis, St. Lucia, Antigua and Barbuda, etc.
Countries that are only testing digital currency:
- European Union – Digital Euro. The pilot phase is ongoing. The decision on implementation is expected in 2026-2027;
- France, Germany, Italy. They participate in the tests of the digital euro;
- USA – FedNow (not a CBDC, but an infrastructure element). It is currently under research;
- UK – Britcoin (tentative name). The possibility of launching after 2025 is still being discussed;
- India is piloting the digital rupee in several major cities;
- Canada, Japan, and Sweden are in the process of active analysis and testing.
In addition, almost 40 countries are developing pilots or creating a legislative framework (including Ukraine, Kazakhstan, Israel, South Africa, and Brazil) for the functioning of digital national currencies.
Most of the money is focused on retail use, i.e. for daily transactions by citizens. In this way, financial regulators and governments seek to maintain control over financial flows and strengthen the fight against the shadow economy.
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