The Ukraine government is looking to develop a central bank digital currency (CBDC) following a collaboration with the Stellar Development Foundation (SDF).
Ukraine’s Ministry of Digital Transformation has inked a Memorandum of Understanding (MoU) with the SDF for its CBDC project. The partnership will see the development of Ukraine’s national digital currency on the Stellar blockchain network.
Speaking on the collaboration with Stellar, Oleksandr Bornyakov, the Digital Transformation and IT Deputy Minister, said:
“The Ministry of Digital Transformation is working on creating the legal environment for the development of virtual assets 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.”
As previously reported by BTCManager, Stellar revealed that it aimed to be the platform for governments globally to issue CBDCs. According to Stellar’s founder Jed McClaeb, the blockchain platform was already speaking to various governments and states that central banks willing to issue their national digital currencies should employ a permissionless network like Stellar.
Stellar also becomes one of the few public blockchain projects chosen by government authorities to develop a CBDC project. Back in Sept. 2020, Societe Generale tapped Tezos (XTZ) to carry out a CBDC pilot of the Bank of France digital currency experiment. Ethereum developer ConsenSys is also running a cross-border CBDC pilot study for Hong Kong.