{"id":45836,"date":"2021-07-09T16:18:45","date_gmt":"2021-07-09T13:18:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45836"},"modified":"2025-09-01T13:17:50","modified_gmt":"2025-09-01T10:17:50","slug":"ukraine-identifies-potential-uses-for-the-e-hryvnia","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ukraine-identifies-potential-uses-for-the-e-hryvnia\/","title":{"rendered":"Ukraine identifies potential uses for the e-hryvnia"},"content":{"rendered":"<p>The National Bank of Ukraine (NBU) <a href=\\\"https:\/\/bank.gov.ua\/ua\/news\/all\/natsionalniy-bank-zosereditsya-na-opratsyuvanni-troh-mojlivih-variantiv-vikoristannya-e-grivni\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">conducted a poll<\/a> among a hundred financial experts on the most preferred areas of application for the e-hryvnia.<\/p>\n<p>According to market participants, the most promising use of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a> is retail cashless payments, including peer-to-peer transfers between individuals and electronic commerce transactions.<\/p>\n<p>In second place is the e-hryvnia as a tool for cross-border payments.<\/p>\n<p>The use of the NBU&#8217;s digital currency as a tool for targeted social payments sits near the bottom in terms of scores. At the same time, 77% of respondents supported this option if programmable targeted funds for budgetary payments were built on the e-hryvnia.<\/p>\n<p>Respondents are also interested in the e-hryvnia&#8217;s potential for operations in the cryptocurrency market, including exchange and enabling the issuance of digital assets.<\/p>\n<p>Most experts surveyed say that the Ukrainian CBDC should be built on blockchain technology.<\/p>\n<p>Respondents showed considerably less interest in using the e-hryvnia:<\/p>\n<ul>\n<li>in settling trades in securities and other financial instruments;<\/li>\n<li>in corporate payments by legal entities;<\/li>\n<li>as an income-generating financial instrument.<\/li>\n<\/ul>\n<p>The regulator will continue studying the matter in light of the data collected.<\/p>\n<p>In late 2016, the NBU began taking the first steps to implement the e-hryvnia. Back then, the regulator, together with leading Ukrainian blockchain specialists, began studying international experience, risks and the advantages of existing technological solutions for the country&#8217;s financial ecosystem.<\/p>\n<p>The pilot testing of the innovative payment solution began in June 2017. During it, the National Bank issued coins worth about 5,000 hryvnias.<\/p>\n<p>In February 2020, the NBU, together with the blockchain company Distributed Lab, presented the MVP of the digital hryvnia system.<\/p>\n<p>On 30 June 2021, Ukraine&#8217;s Verkhovna Rada approved in second reading and in full the law On Payment Services, which among other things regulates <a href=\"https:\/\/forklog.com\/en\/news\/ukraine-passes-law-regulating-the-issuance-of-cbdcs\">the general principles for issuing CBDC<\/a>.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog Feed<\/a> \u2014 all the news, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Bank of Ukraine (NBU) conducted a poll among a hundred financial experts on the most preferred areas of application for the e-hryvnia.<\/p>\n","protected":false},"author":1,"featured_media":45837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1198,1744,36,16],"class_list":["post-45836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-crypto-payments","tag-digital-hryvnia","tag-regulation","tag-ukraine"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=45836"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45836\/revisions"}],"predecessor-version":[{"id":45838,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45836\/revisions\/45838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/45837"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=45836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=45836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=45836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}