Ukraine’s government has chosen the Stellar blockchain network as a platform to build a central bank digital currency (CBDC).
Announced Monday, the Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) signed a Memorandum of Understanding to build out a “virtual assets ecosystem and national digital currency of Ukraine.”
The National Bank of Ukraine has been researching the possibility of CBDC implementation since 2017, and the Stellar partnership will now be the basis of its virtual currency development, according to Digital Transformation and IT Deputy Minister Oleksandr Bornyakov.
“The Ministry of Digital Transformation is working on creating the legal environment for the development of virtual assets in Ukraine,” Bornyakov said in a statement. “We believe our cooperation with the Stellar Development Foundation will contribute to development of the virtual asset industry and its integration into the global financial ecosystem.”
Stellar, the cryptocurrency and non-profit organization launched in 2014 by Ripple co-founder Jed McCaleb, was selected last month by German bank Bankhaus von der Heydt (BVDH) as the means to issue a euro stablecoin. German regulator BaFIN has also approved the issuance of tokenized bonds on Steller.
Stellar Development Foundation CEO Denelle Dixon said the partnership with Ukraine’s government and other stakeholders to digitize the hryvnia will officially launch this month.
“We believe digital assets and national digital currencies are one of the most important innovations of our lifetimes and we are excited to play a role in the creation of Ukraine’s digital asset infrastructure,” Dixon said in a statement. “Through the leadership of the Ministry, Ukraine has demonstrated its commitment to fostering an environment of innovation for the digital economy.”
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