Ukraine's Central Bank Considers Developing Central Bank Digital Currency e-hryvnia to Facilitate Cross-Border Payments

The Central Bank of Ukraine presented its central bank digital currency e-hryvnia concept project to representatives of banks, non-bank financial institutions and virtual asset markets for discussion and feedback. According to the regulator, electronic hryvnia is being considered and developed for use in non-cash retail payments, in areas related to the circulation of virtual assets, enabling cross-border payments. The central bank will continue to develop the e-hryvnia concept project together with payment market participants, virtual asset market participants and state institutions. Oleksiy, deputy chairman of the Central Bank of Ukraine, stated that the development and implementation of the e-hryvnia may be the next step in the development of Ukraine’s payment infrastructure, which will contribute to the digitization of the economy, the further popularization of cashless payments, the reduction of costs, and the increase in the level of transparency.