Along with working on a central bank digital currency, Stellar Development Foundation (SDF) will also help with the development of digital assets and regulation of stablecoins in the country. The Ministry of Digital Transformation of Ukraine signed a Memorandum of Understanding and Cooperation with Stellar Development Foundation (SDF) later last year. The stellar foundation announced on Monda that they would work on the development of virtual assets in Ukraine as per the memorandum. XLM reacted to the news by gaining nearly $0.17.
We’re honored to partner with the innovators at the Ukrainian Ministry of Digital Transformation to help develop their strategy for virtual assets and facilitate development of a national digital currency. Exciting work ahead.https://t.co/IFJ84SXcEF
— Stellar (@StellarOrg) January 4, 2021
Ukraine works on enhancing its status as an innovative digital country.
The latest efforts align with the country working on creating a legal environment to develop national digital currency in Ukraine and enhance its status as an innovative digital country in the financial market in Eastern Europe. “Another important aspect of this cooperation is contributing to the development of the infrastructure for a Ukrainian national digital currency,” said Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development. The National Bank of Ukraine has been researching the possibility of CBDC implementation since 2017, Bornyakov said.
Central banks continue to explore CBDCs.
Many major central banks across countries are now actively researching central bank digital currencies and making real-world testing plans. Though many smaller economies have already launched versions of their digital currencies, China is the only major country to complete the development and initiating a full-fledged plan to test the digital yuan. The Cayman island launched a national digital currency this year. Countries including Canada, Japan, the Philippines, and many others are actively exploring CBDCs. As reported earlier, Suzhou is all set to become the next city to trial China’s digital yuan, as the People’s Bank of China prepares to roll out central bank digital currency infrastructure in the coming weeks.