The launch of the electronic hryvnia is postponed - NBU

The National Bank of Ukraine has postponed the launch of the electronic hryvnia. Despite the ongoing development, its full implementation in 2027 is in question. The reason is the war and the high cost of the project, explained NBU Deputy Chairman Oleksiy Shaban during the Kyiv International Economic Forum. Forbes reports.

Reasons for postponing the launch of the electronic hryvnia in 2027

«The implementation of the digital hryvnia requires significant financial resources, and spending them during wartime would be unethical», — noted Shaban. 

According to him, the NBU still plans a pilot project that will allow testing the e-hryvnia not only within the regulator but also in real conditions - for payments, transfers, and government programs.

However, this phase also requires significant costs and complex technical preparation. 

«We are moving forward, but I cannot say that 2027 will be the year of the e-hryvnia launch,» — added the NBU representative.

Functions the e-hryvnia will perform

Currently, it is known that the digital hryvnia will perform all the main functions of money and become an addition to the existing forms of national currency. It is expected to be convenient for use by both citizens and businesses, banks, government institutions, and non-bank financial organizations.

The project includes:

• testing the digital hryvnia in the internal environment of the NBU;

• using it for calculations and social payments;

• further expansion into commercial operations and interbank payments.

As a reminder, the National Bank presented the concept of the e-hryvnia in November 2022. In 2023, the Ministry of Digital Transformation initiated the acceleration of its launch, proposing to start a pilot in 2025. However, due to the war and economic risks, the implementation of the project has been postponed indefinitely.