The NBU explained what digital money is and why it should be introduced

Deputy Head of the National Bank Oleksiy Shaban said in an interview with the Center for Economic Strategy that Ukraine is preparing to introduce digital money. The economist explained that this is an alternative form of money at the same level as cash and non-cash, UNN reports.

Details

It is noted that the NBU is currently working on a pilot project. At the same time, Shaban stressed that it is not about electronic, but digital money.

I will start with the remark that it is not electronic money, but digital money. Electronic money is something else by nature, and the goal, probably

Shaban explained that eBay created the genesis of payment cards, which were plastic cards and began to be adopted on the Internet. In turn, with the development of the digital economy and digital assets, there is an understanding that what is sold and the payment instrument must have the same nature.

Digital money can provide the possibility of programmability, for example, when a payment is made automatically if certain conditions are met. As written in the smart contract – then the payment takes place. For example, programs that we have already mentioned today, support from the state

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The expert said that the money from eVidnovlennya can be spent on building materials. And with eKnyha, you can only buy a book. He explained that now banks are solving this issue by opening different accounts or issuing different payments.

But if, suppose, certain goods will be coded in the admin panel of the store (these are building materials, and these are books), then it is much easier if these money have a note that it can only be used to pay for building materials. Then you can’t pay for a Snickers with Coca-Cola with this money. This improves the customer experience and reduces administration costs

The NBU is currently looking for a technology provider to help implement this platform. There is confirmation of interest from several banks to join the project.

Addition

In Ukraine, by the end of this year, a bill on taxation of crypto assets will be adopted. This opinion was expressed by the People’s Deputy, Head of the Subcommittee on the Functioning of Payment and Information Systems and Prevention of Legalization (Money Laundering) of Proceeds from Crime, Olga Vasilevska-Smagliuk.

According to her, there are currently several global schemes for anonymizing the transfer of crypto assets.

We will add

According to fintech expert and co-founder of the first fintech ecosystem in Ukraine, Concord Fintech Solutions, Olena Sosiadka, the full implementation of the law “On Virtual Assets,” adopted in February 2022, is delayed due to the lack of corresponding changes in the Tax Code. As a result, as of March 2025, the legal status of cryptocurrencies in the country remains undefined, creating barriers to their full use and the development of the virtual assets market.

Olena Sosiadka believes that the legalization of cryptocurrencies will allow attracting investments, increase the country’s competitiveness, create user protection mechanisms, and also significantly boost the budget by billions of hryvnias.