Testing of e-hryvnias will take place in an open environment with real users and payment service providers. That is, everyone who wants to can use the electronic form of the hryvnia. E-hryvnias will be based on DLT (Distributed Ledger Technology), writes “Economichna Pravda”.

Which can interfere with testing

The National Bank noted that it is necessary to take into account the readiness of financial market participants to participate in the pilot project. It is also necessary to identify a technological partner that will provide its technological solution for testing the e-hryvnia, which will meet the requirements of the NBU and the architecture of the e-hryvnia. In addition, the appropriate infrastructure needs to be set up.

“The purpose of the pilot is to test the e-hryvnia to determine the technological prospects of performing the functions of money, meeting the needs of payment service users and testing hypotheses regarding programmability,” the National Bank adds.

The National Bank noted that the search for a technological solution for conducting the pilot is currently continuing.

“The technological solution must meet the business requirements of the National Bank, in particular, ensure that the e-hryvnia fulfills the functions of money, satisfy the needs of users of payment services, and provide the ability to program payment transactions using smart contracts. In accordance with these measures, the National Bank communicates with various companies that supply technological solutions — both foreign and Ukrainian,” the NBU explains.