The digital hryvnia, which the National Bank of Ukraine (NBU) is working to launch, can become one of the most effective tools in the fight against corruption, Chairman of the Council of the Independent Association of Banks of Ukraine (NABU), Board Chairman of OTP Bank Volodymyr Mudry has said.

"Digital hryvnia... it is one of the most viable mechanisms of public procurement against corruption. And now, the National Bank says that until we have found a business case, why do we need this digital hryvnia... but I believe that in the fight against corruption, digital hryvnia is exactly what we need," the head of NABU said at the annual UAFIN.TECH conference in Kyiv.

As reported, in November 2022, the NBU presented a draft concept of e-hryvnia - the National Bank's digital currency – to banks, nonbank financial institutions and the virtual assets market for discussion.

Among the options for using the e-hryvnia, the implementation of retail noncash payments with the possible functionality of "programmed" money was considered: for targeted social payments, reducing government costs for administration and control of the intended use of funds, as well as the use of smart contract technology for programming a variety of settlement logic depending on the occurrence of technical problems, or other circumstances and facts.

It was also assumed that e-hryvnia could be used in the area of the circulation of virtual assets: for exchange, ensuring the issuance and other operations with virtual assets.

One of the options was also the use of digital hryvnia for greater speed, accessibility and transparency in cross-border payments.