The National Bank of Ukraine is currently uncertain about the possibility of launching the digital hryvnia (e-hryvnia) in 2027. The main reason for the postponement of the project is its significant cost, which, according to the regulator’s estimates, is questionable in terms of the ethics of spending funds during wartime.
This is reported by Finway
Cost of the Pilot Project and Its Prospects
Deputy Head of the NBU Oleksiy Shaban emphasized that even a test launch of the central bank’s digital currency (CBDC) requires substantial investments. According to him, the National Bank has already formed a shortlist of potential suppliers who will be able to participate in the project’s implementation as soon as the necessary conditions arise.
“We are considering the digital hryvnia at the legislative level. It is meant to be a legal means of payment and simply a digital form of the national currency unit – the hryvnia. Whether it will be implemented, or when it will be implemented, is an open question,” said Shaban.
It is planned that the pilot project will allow testing the e-hryvnia both within the NBU and in real transactions – for payments, transfers, provision of public services, and implementation of social programs. However, the question of the appropriateness of such expenses during a state of war remains open.
History and Stages of e-Hryvnia Implementation
The first experiment with the application of the e-hryvnia took place back in 2018 – at that time, the digital currency was used for internal settlements among NBU employees. In November 2022, the concept of the e-hryvnia project was presented to the public, envisaging that it would perform all the functions of traditional money and be accessible to citizens, businesses, government institutions, banks, and non-bank financial organizations.
The second pilot launch was initially planned for 2024, but due to a change in priorities, its implementation was postponed to 2025. In March 2025, the National Bank confirmed its preparation for testing the CBDC. It was noted that the new platform would not store users’ personal data, and all information would remain protected as bank secrecy.
At the same time, according to Oleksiy Shaban, spending significant funds on researching the digital hryvnia during wartime is unethical, and the implementation of the e-hryvnia in 2027 remains in question.