Working groups have tested transactions with a limited amount of electronic hryvnias put into circulation within a pilot project.

Photo from UNIAN

Photo from UNIAN

The regulator, as part of the project, put into circulation a limited amount of electronic hryvnias. Working groups with the participation of the central bank, volunteer companies, and the World Bank have tested the relevant transactions, according to the NBU’s website.

The e-hryvnia can be considered an alternative to the means of retail payments available. However, the pilot project failed to fully assess its attractiveness to Ukrainians.

The introduction of e-hryvnia is possible based on one of two alternative models: the centralized one, where the National Bank acts as a single issuer, or a decentralized one, where both banks and non-banking financial institutions are entitled to issue digital currency under the regulator’s control, the NBU said.

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As UNIAN reported earlier, in late 2016, the National Bank launched a research project to implement e-hryvnia, a blockchain-based national currency, which could minimize transaction costs in money transfers from one participant in Ukraine’s payment market to another, which could be carried out almost instantly.

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