The National Bank of Ukraine (NBU) has revealed details about the functioning of e-hryvnia and answered the most frequently asked questions about the digital currency.
This information was provided by NBU Deputy Governor Oleksii Shaban in his column on Ekonomichna Pravda, an Ukrinform correspondent reports.
Currently, the regulator is exploring the possibility of issuing the e-hryvnia to create a convenient payment instrument, ensure the economic security of the state, and promote further digitalization of the economy. It should also strengthen the NBU’s ability to maintain price and financial stability and increase the level of financial inclusion in Ukraine.
According to Shaban, customers will be able to use the e-hryvnia for different payment transactions: transfers between individuals, payment for goods and services, payments to the state, charitable contributions, as well as receiving wages and social benefits.
As emphasized by Shaban, with the introduction of the e-hryvnia, cash will not disappear.
“It is even impossible to completely abandon cash payments in Ukraine, especially with regard to martial law. After all, in present-day conditions, citizens must have quick and convenient access to funds, namely cash, to meet their basic needs,” Shaban explained.
Additionally, the e-hryvnia platform will not process or store users’ personal data, as this information will remain with the financial institutions serving users and will be protected as bank secrecy.
Shaban also noted the possibility of programming a new type of payment allowing the users, for example, to divide payments between multiple payers, make payments after certain conditions are met, or set up regular automatic payments.
If a financial institution is unable to provide access to a digital money wallet, the user will be able to restore it through another institution.
A reminder that the e-hryvnia is the digital currency of the National Bank of Ukraine (NBU), an electronic form of the monetary unit of Ukraine. If introduced, it will become a legal payment instrument and will exist as a supplement to cash and non-cash forms of money.
Photo: NBU
Source: Ukraine planning to introduce e-hryvnia: NBU outlines details
