diff --git a/multiversx_sdk_cli/accounts.py b/multiversx_sdk_cli/accounts.py
index 489f03a7..33616067 100644
--- a/multiversx_sdk_cli/accounts.py
+++ b/multiversx_sdk_cli/accounts.py
@@ -6,7 +6,7 @@
                             TransactionComputer, UserSigner)
 from multiversx_sdk.network_providers.accounts import AccountOnNetwork
 
-from multiversx_sdk_cli.constants import DEFAULT_HRP
+from multiversx_sdk_cli.config import get_address_hrp
 from multiversx_sdk_cli.interfaces import IAccount, IAddress, ITransaction
 from multiversx_sdk_cli.ledger.config import compare_versions
 from multiversx_sdk_cli.ledger.ledger_app_handler import \
@@ -61,11 +61,11 @@ def __init__(self,
         if pem_file:
             pem_path = Path(pem_file).expanduser().resolve()
             self.signer = UserSigner.from_pem_file(pem_path, pem_index)
-            self.address = Address(self.signer.get_pubkey().buffer, DEFAULT_HRP)
+            self.address = Address(self.signer.get_pubkey().buffer, get_address_hrp())
         elif key_file and password:
             key_file_path = Path(key_file).expanduser().resolve()
             self.signer = UserSigner.from_wallet(key_file_path, password)
-            self.address = Address(self.signer.get_pubkey().buffer, DEFAULT_HRP)
+            self.address = Address(self.signer.get_pubkey().buffer, get_address_hrp())
 
     def sign_transaction(self, transaction: ITransaction) -> str:
         assert self.signer is not None
diff --git a/multiversx_sdk_cli/cli.py b/multiversx_sdk_cli/cli.py
index 79eacf20..76fe95e1 100644
--- a/multiversx_sdk_cli/cli.py
+++ b/multiversx_sdk_cli/cli.py
@@ -6,6 +6,7 @@
 from typing import Any, List
 
 import argcomplete
+from multiversx_sdk import LibraryConfig
 from rich.logging import RichHandler
 
 import multiversx_sdk_cli.cli_accounts
@@ -53,6 +54,8 @@ def _do_main(cli_args: List[str]):
         logging.basicConfig(level="INFO", format='%(name)s: %(message)s', handlers=[RichHandler(show_time=False, rich_tracebacks=True)])
 
     verify_deprecated_entries_in_config_file()
+    default_hrp = config.get_address_hrp()
+    LibraryConfig.default_address_hrp = default_hrp
 
     if not hasattr(args, "func"):
         parser.print_help()
diff --git a/multiversx_sdk_cli/cli_dns.py b/multiversx_sdk_cli/cli_dns.py
index 703f29a1..dbbc9c9b 100644
--- a/multiversx_sdk_cli/cli_dns.py
+++ b/multiversx_sdk_cli/cli_dns.py
@@ -1,11 +1,11 @@
 from typing import Any, List
 
-from multiversx_sdk import Address, ProxyNetworkProvider
+from multiversx_sdk import ProxyNetworkProvider
 from prettytable import PrettyTable
 
 from multiversx_sdk_cli import cli_shared
 from multiversx_sdk_cli.config import get_config_for_network_providers
-from multiversx_sdk_cli.constants import ADDRESS_ZERO_BECH32
+from multiversx_sdk_cli.constants import ADDRESS_ZERO_HEX
 from multiversx_sdk_cli.dns import (compute_dns_address_for_shard_id,
                                     dns_address_for_name, name_hash, register,
                                     registration_cost, resolve, validate_name,
@@ -82,7 +82,7 @@ def dns_resolve(args: Any):
 
     config = get_config_for_network_providers()
     addr = resolve(args.name, ProxyNetworkProvider(url=args.proxy, config=config))
-    if addr.to_hex() != Address.new_from_bech32(ADDRESS_ZERO_BECH32).to_hex():
+    if addr.to_hex() != ADDRESS_ZERO_HEX:
         print(addr.to_bech32())
 
 
diff --git a/multiversx_sdk_cli/cli_wallet.py b/multiversx_sdk_cli/cli_wallet.py
index eeae9ebb..18e1625b 100644
--- a/multiversx_sdk_cli/cli_wallet.py
+++ b/multiversx_sdk_cli/cli_wallet.py
@@ -10,7 +10,8 @@
 from multiversx_sdk.core.address import get_shard_of_pubkey
 
 from multiversx_sdk_cli import cli_shared, utils
-from multiversx_sdk_cli.constants import DEFAULT_HRP, NUMBER_OF_SHARDS
+from multiversx_sdk_cli.config import get_address_hrp
+from multiversx_sdk_cli.constants import NUMBER_OF_SHARDS
 from multiversx_sdk_cli.errors import (BadUserInput, KnownError,
                                        WalletGenerationError)
 from multiversx_sdk_cli.sign_verify import SignedMessage, sign_message
@@ -54,7 +55,7 @@ def setup_parser(args: List[str], subparsers: Any) -> Any:
     )
     sub.add_argument("--format", choices=WALLET_FORMATS, help="the format of the generated wallet file (default: %(default)s)", default=None)
     sub.add_argument("--outfile", help="the output path and base file name for the generated wallet files (default: %(default)s)", type=str)
-    sub.add_argument("--address-hrp", help=f"the human-readable part of the address, when format is {WALLET_FORMAT_KEYSTORE_SECRET_KEY} or {WALLET_FORMAT_PEM} (default: %(default)s)", type=str, default=DEFAULT_HRP)
+    sub.add_argument("--address-hrp", help=f"the human-readable part of the address, when format is {WALLET_FORMAT_KEYSTORE_SECRET_KEY} or {WALLET_FORMAT_PEM} (default: %(default)s)", type=str, default=get_address_hrp())
     sub.add_argument("--shard", type=int, help="the shard in which the address will be generated; (default: random)")
     sub.set_defaults(func=wallet_new)
 
@@ -69,7 +70,7 @@ def setup_parser(args: List[str], subparsers: Any) -> Any:
     sub.add_argument("--in-format", required=True, choices=WALLET_FORMATS, help="the format of the input file")
     sub.add_argument("--out-format", required=True, choices=WALLET_FORMATS_AND_ADDRESSES, help="the format of the output file")
     sub.add_argument("--address-index", help=f"the address index, if input format is {WALLET_FORMAT_RAW_MNEMONIC}, {WALLET_FORMAT_KEYSTORE_MNEMONIC} or {WALLET_FORMAT_PEM} (with multiple entries) and the output format is {WALLET_FORMAT_KEYSTORE_SECRET_KEY} or {WALLET_FORMAT_PEM}", type=int, default=0)
-    sub.add_argument("--address-hrp", help=f"the human-readable part of the address, when the output format is {WALLET_FORMAT_KEYSTORE_SECRET_KEY} or {WALLET_FORMAT_PEM} (default: %(default)s)", type=str, default=DEFAULT_HRP)
+    sub.add_argument("--address-hrp", help=f"the human-readable part of the address, when the output format is {WALLET_FORMAT_KEYSTORE_SECRET_KEY} or {WALLET_FORMAT_PEM} (default: %(default)s)", type=str, default=get_address_hrp())
     sub.set_defaults(func=convert_wallet)
 
     sub = cli_shared.add_command_subparser(
@@ -82,6 +83,7 @@ def setup_parser(args: List[str], subparsers: Any) -> Any:
     group = sub.add_mutually_exclusive_group(required=True)
     group.add_argument("--encode", action="store_true", help="whether to encode")
     group.add_argument("--decode", action="store_true", help="whether to decode")
+    sub.add_argument("--hrp", type=str, help="the human readable part; only used for encoding to bech32")
     sub.set_defaults(func=do_bech32)
 
     sub = cli_shared.add_command_subparser(
@@ -288,7 +290,8 @@ def do_bech32(args: Any):
     value = args.value
 
     if encode:
-        address = Address.new_from_hex(value, DEFAULT_HRP)
+        hrp = args.hrp if args.hrp else get_address_hrp()
+        address = Address.new_from_hex(value, hrp)
         result = address.to_bech32()
     else:
         address = Address.new_from_bech32(value)
diff --git a/multiversx_sdk_cli/config.py b/multiversx_sdk_cli/config.py
index db067f65..621ab5b1 100644
--- a/multiversx_sdk_cli/config.py
+++ b/multiversx_sdk_cli/config.py
@@ -60,6 +60,10 @@ def get_value(name: str) -> str:
     return value
 
 
+def get_address_hrp():
+    return get_value("default_address_hrp")
+
+
 def set_value(name: str, value: Any):
     _guard_valid_name(name)
     data = read_file()
@@ -162,6 +166,7 @@ def get_defaults() -> Dict[str, Any]:
         "dependencies.testwallets.urlTemplate.windows": "https://github.com/multiversx/mx-sdk-testwallets/archive/{TAG}.tar.gz",
         "dependencies.wasm-opt.tag": "0.112.0",
         "github_api_token": "",
+        "default_address_hrp": "erd"
     }
 
 
diff --git a/multiversx_sdk_cli/constants.py b/multiversx_sdk_cli/constants.py
index fabd8809..0f0e0dbc 100644
--- a/multiversx_sdk_cli/constants.py
+++ b/multiversx_sdk_cli/constants.py
@@ -9,7 +9,6 @@
 
 DEFAULT_TX_VERSION = 2
 
-DEFAULT_HRP = "erd"
-ADDRESS_ZERO_BECH32 = "erd1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq6gq4hu"
+ADDRESS_ZERO_HEX = "0000000000000000000000000000000000000000000000000000000000000000"
 
 NUMBER_OF_SHARDS = 3
diff --git a/multiversx_sdk_cli/contracts.py b/multiversx_sdk_cli/contracts.py
index 98885dc4..5f8214b9 100644
--- a/multiversx_sdk_cli/contracts.py
+++ b/multiversx_sdk_cli/contracts.py
@@ -11,7 +11,7 @@
 
 from multiversx_sdk_cli import errors
 from multiversx_sdk_cli.accounts import Account
-from multiversx_sdk_cli.constants import DEFAULT_HRP
+from multiversx_sdk_cli.config import get_address_hrp
 from multiversx_sdk_cli.interfaces import IAddress
 
 logger = logging.getLogger("contracts")
@@ -211,7 +211,7 @@ def _prepare_args_for_factory(self, arguments: List[str]) -> List[Any]:
                 args.append(self._hex_to_bytes(arg))
             elif arg.isnumeric():
                 args.append(int(arg))
-            elif arg.startswith(DEFAULT_HRP):
+            elif arg.startswith(get_address_hrp()):
                 args.append(Address.new_from_bech32(arg))
             elif arg.lower() == FALSE_STR_LOWER:
                 args.append(False)
@@ -253,7 +253,7 @@ def _to_hex(arg: str):
 
     if arg.isnumeric():
         return _prepare_decimal(arg)
-    elif arg.startswith(DEFAULT_HRP):
+    elif arg.startswith(get_address_hrp()):
         addr = Address.from_bech32(arg)
         return _prepare_hexadecimal(f"{HEX_PREFIX}{addr.hex()}")
     elif arg.lower() == FALSE_STR_LOWER or arg.lower() == TRUE_STR_LOWER:
diff --git a/multiversx_sdk_cli/dns.py b/multiversx_sdk_cli/dns.py
index 114b1a11..61e387c4 100644
--- a/multiversx_sdk_cli/dns.py
+++ b/multiversx_sdk_cli/dns.py
@@ -6,7 +6,8 @@
 
 from multiversx_sdk_cli import cli_shared, utils
 from multiversx_sdk_cli.accounts import Account
-from multiversx_sdk_cli.constants import ADDRESS_ZERO_BECH32, DEFAULT_HRP
+from multiversx_sdk_cli.config import get_address_hrp
+from multiversx_sdk_cli.constants import ADDRESS_ZERO_HEX
 from multiversx_sdk_cli.contracts import SmartContract
 from multiversx_sdk_cli.transactions import (compute_relayed_v1_data,
                                              do_prepare_transaction)
@@ -36,10 +37,10 @@ def resolve(name: str, proxy: INetworkProvider) -> Address:
     )
 
     if len(response) == 0:
-        return Address.from_bech32(ADDRESS_ZERO_BECH32)
+        return Address.new_from_hex(ADDRESS_ZERO_HEX, get_address_hrp())
 
     result = response[0].get("returnDataParts")[0]
-    return Address.from_hex(result, DEFAULT_HRP)
+    return Address.new_from_hex(result, get_address_hrp())
 
 
 def validate_name(name: str, shard_id: int, proxy: INetworkProvider):
@@ -137,7 +138,7 @@ def compute_dns_address_for_shard_id(shard_id: int) -> Address:
     deployer_pubkey_prefix = InitialDNSAddress[:len(InitialDNSAddress) - ShardIdentiferLen]
 
     deployer_pubkey = deployer_pubkey_prefix + bytes([0, shard_id])
-    deployer = Account(address=Address(deployer_pubkey, DEFAULT_HRP))
+    deployer = Account(address=Address(deployer_pubkey, get_address_hrp()))
     deployer.nonce = 0
     address_computer = AddressComputer(number_of_shards=3)
     contract_address = address_computer.compute_contract_address(deployer.address, deployer.nonce)
diff --git a/multiversx_sdk_cli/sign_verify.py b/multiversx_sdk_cli/sign_verify.py
index 09b45a55..77e4c77e 100644
--- a/multiversx_sdk_cli/sign_verify.py
+++ b/multiversx_sdk_cli/sign_verify.py
@@ -23,7 +23,7 @@ def verify_signature(self) -> bool:
         verifiable_message.signature = bytes.fromhex(self.signature)
         message_computer = MessageComputer()
 
-        verifier = UserVerifier.from_address(Address.from_bech32(self.address))
+        verifier = UserVerifier.from_address(Address.new_from_bech32(self.address))
         is_signed = verifier.verify(message_computer.compute_bytes_for_signing(verifiable_message), verifiable_message.signature)
         return is_signed
 
@@ -37,4 +37,4 @@ def to_dictionary(self) -> Dict[str, str]:
 
 def sign_message(message: str, account: Account) -> SignedMessage:
     signature = account.sign_message(message.encode())
-    return SignedMessage(account.address.bech32(), message, signature)
+    return SignedMessage(account.address.to_bech32(), message, signature)
diff --git a/multiversx_sdk_cli/transactions.py b/multiversx_sdk_cli/transactions.py
index 41937a50..91c0ae0a 100644
--- a/multiversx_sdk_cli/transactions.py
+++ b/multiversx_sdk_cli/transactions.py
@@ -136,7 +136,7 @@ def get_guardian_account_from_args(args: Any):
         account = Account(key_file=args.guardian_keyfile, password=password)
     elif args.guardian_ledger:
         address = do_get_ledger_address(account_index=args.guardian_ledger_account_index, address_index=args.guardian_ledger_address_index)
-        account = Account(address=Address.from_bech32(address))
+        account = Account(address=Address.new_from_bech32(address))
     else:
         raise errors.NoWalletProvided()
 
diff --git a/pyproject.toml b/pyproject.toml
index aa46997b..0002f4ee 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "hatchling.build"
 
 [project]
 name = "multiversx-sdk-cli"
-version = "9.8.1"
+version = "9.9.0"
 authors = [
   { name="MultiversX" },
 ]
@@ -28,7 +28,7 @@ dependencies = [
   "requests-cache",
   "rich==13.3.4",
   "argcomplete==3.2.2",
-  "multiversx-sdk==0.16.3"
+  "multiversx-sdk==0.19.0"
 ]
 
 [project.scripts]
diff --git a/requirements.txt b/requirements.txt
index 46320488..feaa5e80 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -10,4 +10,5 @@ requests-cache
 rich==13.3.4
 argcomplete==3.2.2
 
-multiversx-sdk==0.16.3
+# multiversx-sdk==0.19.0
+git+https://github.com/multiversx/mx-sdk-py@main