National Bank of Ukraine: Krypto unsuitable as a means of payment - pilot project for digital Hrywnja starts

National Bank of Ukraine: Krypto unsuitable as a means of payment - pilot project for digital Hrywnja starts

The position of the National Bank of Ukraine for cryptocurrency and the introduction of a digital hrywnja

The Governor of the National Bank of Ukraine (NBU) has made clear statements about the role of cryptocurrencies in the Ukrainian financial system. He emphasizes that cryptocurrencies are not intended as a legal means of payment. This position illustrates the nbu's skepticism compared to the acceptance of digital currencies such as Bitcoin and other old coins as regular means of payment.

At the same time, the NBU has created a pilot project for a digital currency, the so-called e-rhrywnja. This Central Bank Digital Currency (CBDC) should act as a digital version of conventional Ukrainian Hrywnja and should potentially increase the efficiency of payments and to facilitate compliance with regulations and regulations in the financial sector.

The development and examination of the e-rhrywnja aims to research the advantages of digital currencies in a controlled framework, while ensuring that the stability and integrity of the national financial system is preserved.

These steps of the National Bank reflect the global trend in which many central banks examine worldwide how digital currencies can be integrated into their respective economies. Due to the development of e-rhrywnja, the NBU shows that it recognizes the innovative strength of digitization in the financial sector, but at the same time emphasizes the responsible regulation of cryptocurrencies.