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Ukrainian authorities are speeding up the development of the electronic hryvnia, a senior government official said. The executive power in Kiev is now in talks with the central bank and businesses involved in the project to pilot the digital currency already this year.
Ukraine’s Ministry of Digital Transformation wants to step up efforts to complete the development of the country’s electronic hryvnia (e-hryvnia), its head Mykhailo Fedorov revealed in an interview. The original plan was to start the pilot phase in 2024, but the government now wants to do it this year.
The first blockchain transactions with the digital hryvnia have already been carried out, Fedorov told the business news portal RBC-Ukraine. “It is under development, I was recently presented with an electronic hryvnia based on the Stellar product,” the minister said.
In January 2021, the department selected the Stellar Development Foundation as a partner in building the country’s virtual asset ecosystem, including infrastructure for the Ukrainian Central Bank digital currency (CBDC).
The National Bank of Ukraine (NBU) presented a “draft e-hryvnia concept” to members of the crypto industry, banks and other financial institutions in November 2022. In January of this year, Tascombank conducted tests with the currency on the Stellar Network.
The plan to introduce the CBDC is included in the central bank’s strategy 2025. Fedorov, who also serves as Ukraine’s deputy prime minister, said he had written a letter to the NBU insisting on the need to speed up the development of the electronic hryvnia. .
As prescribed by current Ukrainian legislation, the NBU should launch the digital hryvnia pilot in 2024, the Digital Minister reminded. “But we want to start this year, not postpone until next,” stressed Mykhailo Fedorov, who is also a crypto campaigner.
Despite the ongoing conflict with Russia, Fedorov recently confirmed Kyiv’s “very ambitious plan” to make Ukraine the most digitized country in the next two years.
“Digitalisation will be the basis for reconstruction. We are doing these reforms during the war,” Fedorov told reporters on the sidelines of the World Economic Forum in Davos last month, also promising that the Eastern European nation will become “the best crypto jurisdiction in the world.”
Do you think Ukraine will be able to launch the digital hryvnia this year? Tell us in the comments section below.
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