E-Hryvnia is a digital version of the Ukraine Hryvnia national currency created on the blockchain. CBDCs are commonplace, with many nations announcing plans to implement their own.
Blockchain has numerous applications past the volatile cryptocurrencies. The technology has been battle-tested and used in cross-border money transfers, IoT, smart contracts, healthcare, logistics, and government.
A central bank digital currency(CBDC) is the digital form of a country’s fiat currency created on the blockchain; unlike stablecoins, it is centralized and controlled by the central bank.
National Bank of Ukraine presents e-Hryvnia draft
On November 28, the National Bank of Ukraine (NBU) presented the digital Hryvnia concept ຮ່າງ to financial institutions and cryptocurrency stakeholders for discussion.
By definition, the currency will be the digital form of the monetary unit of Hryvnia in the country, with a direct obligation to NBU.
NBU developed plans to develop the currency in ກັນຍາ 2021 to use currency to complement cash and non-cash forms of the national currency.
The development and implementation of the digital hryvnia can be the next step in the evolution of the payment infrastructure of Ukraine; it will contribute to the digitalization of the economy, the spread of cashless payments, the reduction of cost, the increase in the level of their transparency and the increase of trust in the national currency in general
Deputy Chairman of the NBU Oleksiy Shaban
The NBU presented the design of the CBDC, its advantages, characteristics, and utility in payment systems. The presentation delighted in the currency’s instant payment functions, programmable nature, and data analysis, providing opportunities for new business scenarios.
The country joined a growing list of countries working on digitizing their currencies. Such countries include China, the Bahamas, Sweden, India, and the European Union.
Source: https://www.cryptopolitan.com/e-hryvnias-cbdc-concept-in-ukraine/