NBU plans open testing of e-hryvnia by the end of 2024

The National Bank of Ukraine is preparing to conduct a second experiment on the use of the electronic hryvnia (e-hryvnia) by the end of 2024. This experiment will be open to all interested citizens. This was announced by Andriy Podderyogin, Head of the NBU's Payment Systems and Innovative Development Department, in a podcast by Chronicle of the Economy.

It is planned that banking and non-banking institutions will act as agents of the NBU, ensuring the distribution of money, its exchange, and enabling users to dispose of it through their mobile applications.

According to Podderyogin, the NBU has now sent out invitations to banks to participate in the pilot project. Banks that confirm their participation will invite their customers to join the e-hryvnia testing.

The second experiment is expected to start in the second half of 2024 and will last about six months. As part of the experiment, it will be possible to exchange cash and non-cash funds for e-hryvnia.

The purpose of the experiment is to find out whether there is a demand for e-hryvnia among the population and whether there is a need for its introduction. The NBU also plans to explore the possibility of using the e-hryvnia offline.

The NBU conducted its first experiment with the use of the e-hryvnia in 2018. As part of the first pilot project, the NBU issued 5443 e-hryvnias, which were used only by the regulator's employees.