The National Bank of Ukraine has released results of a survey exploring the possibility of introducing a central bank digital currency (CBDC). The questionnaire targeted 100 financial experts in various sectors, including retail (45%) and those knowledgeable about financial markets (36%).
An e-hryvnia for conducting cashless retail payments was found to be the most promising case, particularly for e-commerce transactions. As a result of the survey, the three chosen use cases are cashless retail payments, including programmable money, use for virtual assets transactions and cross border payments.
Unlike countries such as Sweden, Ukraine’s primary motivations for a CBDC seem not to be driven by the disappearance of cash. When asked what the e-hryvnia would replace, 69.4% said it would be a surrogate for other electronic money (e-money) transactions. Last year e-money transactions were up 15% despite the total balances dropping because of providers exiting the market. In third place, 55.7% responded that the CBDC would be used instead of cash.
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