Ukraine to Facilitate CBDC Development with Stellar Foundation
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Jan. 4, 2021

Ukraine has signed a Memorandum of Understanding (MoU) with the Stellar Development Foundation (SDF) to develop a strategy for the country's digital currency. According to a press release, the Ministry of Digital Transformation of Ukraine will collaborate with Stellar to "enhance Ukraine's status as an innovative digital country."

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Deputy Minister of Digital Transformation for IT Development, Oleksandr Bornyakov, says the Ministry is working on creating the legal environment for the development of cryptocurrencies in Ukraine.

"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," Bornyakov added.

As part of the partnership, Stellar and the Ministry will focus on the development of the cryptocurrency market in Ukraine and facilitate the development of a central bank digital currency (CBDC).

Ukraine Plans to Legalize Cryptocurrencies

In July 2020, the Ministry of Digital Transformation of Ukraine also signed a partnership agreement with Crystal Blockchain, a blockchain-focused monitoring agency, to start tracing transactions with digital assets. The main goal of the cooperation is to rapidly form and legalize the cryptocurrency market in Ukraine.

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