Ukraine CBDC to be developed with Stellar Foundation

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TL;DR Breakdown

  • Ukraine set to develop CBDC
  • Ukraine Stellar partnership beyond CBDC development

Ukraine’s Ministry of Digital Transformation has partnered with Stellar Foundation to develop Ukraine CBDC (Central Bank Digital Currency).

According to a statement on Monday, the ministry signed a memorandum of understanding (MoU) to build a virtual asset ecosystem alongside a CBDC.

Similar to how countries worldwide are working on developing their CBDC, Ukraine has been in the process since 2017, researching possibilities of implementation.

However, Ukraine’s partnership with Stellar is beyond developing the Ukraine CBDC; the Foundation would help the European country develop its virtual asset market and assist in implementing stablecoin with the stablecoin blockchain network.

“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 the development of the virtual asset industry and its integration into the global financial ecosystem.”

Ukraine CBDC in line with other countries

As said earlier, the partnership to develop Ukraine CBDC is in line with how other countries are taking steps to develop their cryptocurrency.

China leads the pack of countries trying to launch their CBDC. However, others like Sweden, the Bahamas, and Russia have made progress towards ensuring their digital currency is for public use.

Some countries are still skeptical about developing a CBDC. The US is at the forefront as regards this. However, Settlement (BIS) published a report last year outlining how CBDCs should be designed to align with existing banks’ policy objectives.

Stellar Foundation to begin work this month

The Foundation’s CEO, Denelle Dixon, has said the partnership with Ukraine to digitize hryvnia will launch officially this month.

He said towards getting the CBDC right; a public-private partnership is welcomed as he noted that many governments did not involve the private sector as they develop their CBDC.

Stellar, the cryptocurrency and non-profit organization launched in 2014 by Ripple co-founder Jed McCaleb.

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