Former member of the National Bank of Ukraine Council Vitaliy Shapran expressed critical views regarding the initiative to rename kopecks to “steps.” According to him, such a change is accompanied by numerous drawbacks that were overlooked during the preparation of the relevant draft law.
This is reported by Finway
Historical Context and Economic Justification
Shapran noted that the rejection of Russian imperial names seems justified; however, the proposed word “step” carries questionable historical legitimacy. Coins with such a name have never been in circulation in Ukraine — this function was performed by postage stamps in the early 20th century during difficult periods of Ukrainian history. Moreover, he believes that the decision regarding the name was made without broad public involvement.
Financial Costs, Risks, and Modern Challenges
Renaming kopecks, according to Shapran, will entail significant additional costs — from conducting PR campaigns to updating software in banks and government institutions. It will also require the preparation of new educational materials and explanations for the public. The state funds spent on these purposes could be directed towards more important projects.
“The fact that such expenditures can be made outside the NBU budget does not mean that the state does not lose these funds, which could be directed towards more beneficial projects,” he added.
The expert also points out that inflationary processes have already significantly reduced the value of 10 kopecks, and in the future, even a 50 kopeck coin may become unnecessary. Retail chains have already adapted by replacing small change with bonuses on loyalty cards. Shapran believes that further research is needed on the economic necessity of such a renaming.
There is also a highlighted risk of confusion if kopecks and “steps” are in circulation simultaneously. A similar problem already exists with 1 and 2 hryvnia coins, which are difficult to distinguish.
Shapran provided an example where some citizens refuse to accept old-style coins as change, believing they are no longer in use, while new 1 and 2 hryvnia coins are often confused with each other, causing inconvenience for the public. He stated that the National Bank should focus on resolving existing issues in cash circulation rather than on questionable and non-urgent measures.
Furthermore, the expert emphasizes Ukraine’s lag behind global trends: while Russia and China are promoting digital currencies, the NBU’s resources are being spent on formal actions to rename coins instead of developing a digital hryvnia, which could be strategically important for the economy and defense sector.