IMPLEMENTATION OF THE E-HRYVNIA: PROSPECTS FOR APPLICATION IN E-BUSINESS, E-COMMERCE, AND COMBATING THE SHADOW ECONOMY IN THE CONTEXT OF GLOBAL ECONOMIC FRAGMENTATION

This article examines the pressing challenges facing the transformation of the monetary and financial system in the context of digitalization, which have intensified as a result of the COVID-19 pandemic, the global shift towards cashless payments, and the growing role of cryptocurrencies in the shadow economy. Particular attention is paid to the shift in government regulatory focus toward the financial sector, reflecting the urgent need to combat financial crimes, ensure the transparency of money circulation, and protect countries’ monetary sovereignty. Special emphasis is placed on the Ukrainian context, especially under wartime conditions, which have reinforced the need for tighter control over money circulation and the implementation of innovative financial solutions. The article develops the conceptual framework of digital finance, including the notions of the e-hryvnia, e-business, and e-commerce, while also distinguishing the unique features and differences between the e-hryvnia, non-cash electronic money, and cryptocurrencies. In addition, the article provides a systematization of e-commerce financial models, analyzing how the implementation of the e-hryvnia could facilitate new modes of transaction, accounting, and taxation within digital business ecosystems. It reviews global case studies and scenario models showing how national CBDCs can be integrated into B2C, B2B, and platform-based e-commerce structures to improve efficiency, reduce transaction costs, and enhance traceability. The potential macroeconomic effects of implementing the e-hryvnia are examined through a multi-level lens: from improving the velocity of money and stimulating aggregate demand to facilitating the disintermediation of high-cost banking structures and reducing informality in the labor market. Special emphasis is placed on how the digital currency could support fiscal decentralization, transparent redistribution of social benefits, and the monetization of humanitarian aid. A risk assessment model for domestic companies undergoing digital transformation is proposed, along with a systematization of financial models of e-commerce. The study argues that the legal regulation of digital currencies, the testing of the E-hryvnia in 2024, and its large-scale implementation in 2025–2026 could become a growth point for Ukraine’s digital economy, strengthen public trust in the financial system, and stimulate the expansion of the legal segment of e-commerce. The findings hold practical significance for currency policy experts, state institutions involved in digital transformation, and business communities engaged in the development of e-commerce.