Digital Hryvnia (e-hryvnia)

 1. Digital Hryvnia (e-hryvnia): Current Status & Outlook

The National Bank of Ukraine (NBU) has been actively researching and developing the e-hryvnia, a central bank digital currency (CBDC) that would supplement cash and existing non-cash forms of hryvnia
.
Pilot testing has already been conducted, including a controlled issuance and transactions involving several thousand e-hryvnias back in 2018 .
As of 2025, the NBU is preparing an open pilot using distributed ledger technology (DLT) with real users and service providers to test programmability, functionality as money, and user needs
.
In practice, the e-hryvnia is already being used in state aid programs such as eSupport, eAssistance, and eRecovery. The NBU tracks the funds and ensures their targeted use .
Key Goals and Benefits:
Enhance Ukraine’s payment infrastructure and economy digitalization.
Lower costs of cashless payments while boosting transparency.
Strengthen monetary sovereignty and financial stability .
Offer features like programmability: requiring funds to be used in a specified way, setting minimum balances, or even auto-expiring funds .
2. Stablecoin vs. CBDC: Risks & Global Outlook
Stablecoins are privately issued digital assets pegged to fiat currencies, but they often fail to meet the core functions of money (singleness, elasticity, integrity) according to the Bank for International Settlements (BIS) .
BIS warns that stablecoins:
Lack central bank backing.
Are prone to runs and volatility.
Threaten monetary sovereignty, especially in emerging economies.
May suffer reserve transparency issues and destabilizing market behavior .
Therefore, BIS advocates for central bank–issued digital money or hybrid models combining central reserves with programmable private layers .
3. Exchange Possibility: e-hryvnia ↔ “Stablecoin” (“Stebl-coin”)
Short answer: A direct, peer-to-peer exchange between the e-hryvnia and a private stablecoin (“Stebl-coin”) could be technically possible, but faces significant regulatory and structural challenges.
Considerations:
Regulatory Framework: Ukraine—and many countries globally—impose stringent controls on digital assets. Direct exchange may require licensing and compliance with AML/KYC and financial stability regulations.
Monetary Integrity: BIS warnings suggest that widespread use of private stablecoins can undermine central bank control and public trust.
Interoperability & Infrastructure: If interoperability mechanisms are built (e.g., via wallets or regulated platforms), exchange becomes more feasible—but requires clear policy and oversight.
Pilot Scope: Within limited trials (e.g., for targeted aid), e-hryvnia assets could potentially be converted into stablecoins within controlled environments—but broad usage would need regulatory clarity and risk mitigation.