NBU delays e-hryvnia due to war: when to expect digital currency.

According to inkorr.com: The National Bank of Ukraine has decided to postpone the launch of the electronic hryvnia. Although development is ongoing, implementation in 2027 is in question due to the war and high project costs. This was reported during the Kyiv International Economic Forum by the Deputy Chairman of the NBU, Oleksiy Shaban, who noted it in Forbes.

Reasons for delaying the launch of the electronic hryvnia in 2027

“The implementation of the digital hryvnia requires significant financial resources, and spending them during wartime would be unethical,” Shaban noted.

He also emphasized that the NBU intends to conduct a pilot project to test the e-hryvnia not only within the regulator but also in real conditions for payments, transfers, and government programs.

However, this stage will also require significant expenses and complex technical preparation.

“We are moving forward, but I cannot say that 2027 will be the year the e-hryvnia is launched,” added the representative of the National Bank.

What functions will the e-hryvnia perform

It is known that the digital hryvnia will have all the basic functions of money, becoming a complement to existing forms of national currency. It is expected to be convenient for use by citizens, businesses, banks, government institutions, and non-bank financial organizations.

The project includes:

• testing the digital hryvnia in the internal environment of the NBU;

• using it for payments and social benefits;

• further expansion into commercial operations and interbank payments.

Recall that the concept of the e-hryvnia was presented by the National Bank in November 2022. In 2023, the Ministry of Digital Transformation initiated the acceleration of its launch, proposing to start a pilot in 2025. However, due to the war and economic risks, the implementation of the project has been postponed indefinitely.

The postponement of the launch of the electronic hryvnia indicates the complexity of implementing currency reforms in wartime conditions. The pilot project that the National Bank plans may become an important stage on the path to the digitization of the national currency, but the real implementation timelines remain uncertain. Despite this, it is important that developments continue for the economic stability of the country in the future.