{"id":41369,"date":"2022-11-29T16:01:19","date_gmt":"2022-11-29T20:01:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41369"},"modified":"2022-11-29T16:01:24","modified_gmt":"2022-11-29T20:01:24","slug":"national-bank-of-ukraine-releases-draft-concept-for-digital-hryvnia","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/national-bank-of-ukraine-releases-draft-concept-for-digital-hryvnia\/","title":{"rendered":"National Bank of Ukraine releases draft concept for digital hryvnia"},"content":{"rendered":"\n
The National Bank of Ukraine presented to representatives of banks, non-banking financial institutions<\/a>, and the virtual assets market for discussion of the project of the concept of e-hryvnia.<\/h5>\n\n\n\n
\"National
National Bank of Ukraine releases draft concept for digital hryvnia<\/figcaption><\/figure>\n\n\n\n

The National Bank of Ukraine<\/a> (NBU) has unveiled a concept for its prospective digital hryvnia (e-hryvnia) central bank digital currency (CBDC). On November 28, the central bank of Ukraine issued a statement on the idea of the electronic hryvnia, which as its main function seeks to replace both the cash and non-cash forms of the hryvnia.<\/p>\n\n\n\n

The NBU claimed that it has discussed the e-hryvnia idea and is working on the CBDC project with participants in the virtual asset market, payment companies, and government agencies.<\/p>\n\n\n\n

The announcement states that the central bank is currently analyzing and developing three potential CBDC options based on design and key features. The e-hryvnia for retail non-cash payments is described in the first option, along with the potential for “programmed” money through smart contracts. <\/p>\n\n\n\n

According to the NBU, a retail e-hryvnia would make it possible to implement targeted social payments and cut back on administrative costs for the government.<\/p>\n\n\n\n

The second CBDC option envisions the e-hryvnia available for usage in operations related to cryptocurrency exchange<\/a>, issuance and other virtual asset operations. \u201cThe e-hryvnia can become one of the key elements of quality infrastructure development for the virtual assets market in Ukraine,\u201d the announcement notes.<\/p>\n\n\n\n

The third option includes the e-hryvnia to enable cross-border payments in order to provide faster, cheaper and more transparent global transactions. \u201cThe development and implementation of the e-hryvnia \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>can be the next step in the evolution of the payment infrastructure of Ukraine,\u201dOleksii Shaban, director of NBU payment systems and innovative development department, said in the statement.<\/p>\n\n\n\n

He added that a Ukrainian CBDC could have a positive impact on ensuring economic security and strengthening the monetary sovereignty of the state, as well as e sustainable economic growth. The trademark “e-hryvnia” for the NBU was registered by the Ukrainian Intellectual Property Institute in October 2022, according to the announcement.<\/p>\n\n\n\n

In recent years, the NBU has actively investigated the prospect of releasing a CBDC, hiring blockchain developers and collaborating with significant industry initiatives like the Stellar Development Foundation. The regulator claims that in 2018, the NBU began a pilot project to issue the e-hryvnia for blockchain-based retail payments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The National Bank of Ukraine presented to representatives of banks, non-banking financial institutions, and the virtual assets market for discussion of the project of the concept of e-hryvnia. The National Bank of Ukraine (NBU) has unveiled a concept for its prospective digital hryvnia (e-hryvnia) central bank digital currency (CBDC). On November 28, the central bank […]<\/p>\n","protected":false},"author":43,"featured_media":41371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[773,933,1348],"class_list":["post-41369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-cbdc","tag-central-bank","tag-ukraine"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221129_204821_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41369"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41371"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}