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Ukraine government chooses Stellar for digital currency

ukraine chose stellar for digital currency

Ukraine has announced it will use the Stellar blockchain platform to create a central bank digital currency (CBDC).

Today it was announced that an agreement was signed between the Ministry of digital transformation of Ukraine and the Stellar Development Foundation. They will work to create an ecosystem of virtual assets and the national digital currency of Ukraine.

According to Oleksandr Bornyakov, Deputy Minister of Digital Transformation and Information Technology, Ukraine’s central bank has been investigating the issue of digital currency issuance since 2017. Deputy Minister also stated that the ministry is working on establishing the legal framework for the development of virtual assets in Ukraine.

“We believe that our collaboration with the Stellar Development Foundation will contribute to the development of the virtual asset industry and its integration into the global financial ecosystem.”

Bornyakov

Founded in 2014 by Ripple co-founder Jed McCaleb, Stellar last month partnered with the well-established German bank Bankhaus von der Heydt (BVDH) to launch a euro-based stable cryptocurrency. BaFin, Germany’s financial markets regulator, also approved the issuance of tokenized bonds on Staller.

Work to digitize Ukraine’s official currency, hryvna, will officially begin this month.

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