Following the trend of many countries, the Ukrainian government has chosen the Stellar blockchain to build and host its CBDC (central bank digital currency).
Specifically, the Ministry of Digital Transformation of Ukraine signed a contract with the Stellar Development Foundation laying out plans for a “virtual assets ecosystem and national digital currency of Ukraine,” according to Stellar’s official announcement.
The National Bank of Ukraine has been researching ways to launch a CBDC since 2017. However, it hasn’t been until now that the financial trend and technological advancement led to Ukraine’s implementation.
This agreement is a major step for Ukraine who aims to create a legal platform for crypto to thrive.
Stellar Development Foundation’s CEO and Executive Director, Denelle Dixon, is also optimistic about the partnership.
“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,” says Dixon.
This isn’t the only time Stellar was the top pick for CBDCLast month, Stellar also partnered with German bank Bankhaus von der Heydt to launch their Euro Stablecoins, EURB) on the network.
The Ukrainian-Stellar project will begin this month with its ultimate goal of creating a digital hryvnia.