According to a recent report, the National Bank of Ukraine (NBU), has recently completed a pilot scheme for the country’s proposed nationally backed digital currency— e-hryvnia.
The National Bank of Ukraine (NBU) e-hryvnia Pilot Scheme
The plan to create the national currency by the Ukrainian Central has been in motion since late last year. The head of the bank’s payment networks and innovative growth department Aleksandr Yablunivskiy has also revealed that:
“At the end of last year we began a practical pilot, when the instrument was released for NBU employees under current methodology, in order to assess its practical use aspects and the ability of the central bank to realize future projects, as well as getting feedback from users,”
The continued that:
“Ukraine currently relies heavily on cash payments, something the government appeared keen to change in previous announcements about the e-hryvnia scheme.”
As regards reviewing the country’s regulatory framework, the Ukrainian lawmakers are actively working towards creating legislation that will cover the crypto market. Their efforts have however been met with negativity from some members of the community. The country’s national central bank for one believes the industry already has too many regulations
According to Yablunivskiy, the bank is currently considering its next moves while it analyzes the analyzes the results of the pilot.
He added that: “We can even say we’ve gotten ahead of global leaders [in national digital currency], given we’ve taken a step in conducting practical research, albeit a small step, ”
e-hryvnia is Not a Cryptocurrency
Yablunivksy has also made it clear that the proposed coin is not a cryptocurrency, instead, it is a digital representation of the country’s national currency (a central bank digital currency)
“We are not talking about cryptocurrency, we are talking about a central bank digital currency. It can be implemented with both the technology of a centralized registry and a decentralized one,” he explained.