The National Bank of Ukraine announced the launch date for the digital hryvnia test

The National Bank of Ukraine (NBU) has announced plans to commence testing of the e-hryvnia in the latter half of this year. Andrei Poddergin, the head of the department of payment systems and innovative development at the central bank, has stated that the testing phase is expected to last approximately six months.

Both banks and non-banking entities will have the opportunity to participate in the testing of the digital hryvnia. These participants will act as agents of the NBU, distributing and exchanging the e-hryvnia among users.

The NBU has already extended an invitation to banks to partake in this pilot project. The specific volume of e-hryvnia issuance will be determined once the number of banks and their clients willing to test this new form of national currency is established.

During the pilot phase, participants will be able to exchange both cash and non-cash funds for e-hryvnia. Additionally, the NBU will test the offline settlement capabilities of the digital currency.

The objective of this testing phase, as stated by Andrey Poddergin, is to gauge the demand for a state digital currency in Ukraine and determine whether it should be integrated into the country’s payment infrastructure.

Earlier, the NBU emphasized the need for the state digital currency to be user-friendly and easily accessible to both individuals and businesses alike.