The National Bank of Ukraine presented the concept of a digital hryvnia

Representatives of the National Bank of Ukraine showed the concept of what a digital hryvnia, an electronic version of the national currency, might look like. Several banks, as well as financial institutions not associated with Ukrainian banks and representatives of the digital asset market, took part in the development of a document describing aspects of e-hryvnia approval. Such cooperation allowed to improve the development of the e-hryvnia.

The first information about plans to create a digital equivalent of the hryvnia appeared 6 years ago. Ukrainian regulators believe that the e-hryvnia will be able to provide a number of advantages, among which are the commission for transferring funds, as well as simplifying the process of sending money outside of Ukraine. For 6 years, the document on the creation of the digital hryvnia has repeatedly undergone changes.

The digital currency of Ukraine can be used as an electronic equivalent of the usual hryvnia and will enable all the functions familiar to Ukrainians. E-hryvnia will be available to all residents of Ukraine who want to use a digital type of currency and will keep up with the times. The digital hryvnia can also be used to carry out large transactions involving legal entities, banks, government agencies and other institutions.

Electronic currency will appear in retail stores in the form of a non-cash payment, and will also be used by government agencies to make social payments and reduce related costs. The e-hryvnia will be based on smart contracts, like other cryptocurrency transactions carried out on various blockchains.

According to representatives of the National Bank of Ukraine, the e-hryvnia should become one of the key elements in the development of infrastructure in the virtual assets market. Based on this, we can conclude that the country will move closer to the cryptocurrency market sector.

It is noteworthy that the state will use such a payment system not only for transactions on the territory of Ukraine, but also abroad. One of the goals of creating e-hryvnia was a more transparent type of currency, allowing you to track transactions and greatly simplify the transfer of money abroad.

The National Bank of Ukraine announced that it would approach the issue of creating the e-hryvnia with all responsibility, since in the future it will influence the financial system of the state as a whole.

At the beginning of 2021, information appeared about the launch of digital hryvnia tests, which applied to the salaries of employees of the Ministry of Digital Transformation. The central bank denied these rumors, saying that only they have the power to issue a digital currency. As for the release date of the e-hryvnia, there were assumptions about the release of the e-hryvnia no earlier than the end of 2022, which, in fact, was confirmed.

Earlier, information appeared about the creation of the digital currency of the Dominican Republic on the TRON blockchain. Now people can become citizens of the metaverse of this country, which can be equated with the citizenship of the Dominican Republic. The token was named Dominicana Coin, which can be used to make all necessary payments. You can read more about this here.