Ukraine Chooses Stellar Foundation to Develop Its CBDC, Regulatory Infrastructure for Stablecoins | News Bitcoin News

Bitcoin.com

The Ministry of Digital Transformation of Ukraine has picked the Stellar Development Foundation (SDF) to develop its central bank digital currency project (CBDC).

Ukraine Picks Stellar Foundation to Develop Its Central Bank Digital Currency and National Virtual Asset Strategy

According to the official announcement, both parties signed a “Memorandum of Understanding” to deploy Ukraine’s crypto strategy. The National Bank of Ukraine has been exploring CBDC’s for some time, there are reports on the matter since 2016.

How To Get Free Crypto  

The agreement will also strengthen the country’s ongoing efforts to develop a legal framework for the crypto industry in the nation and build an infrastructure for such purposes.

Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development of Ukraine, commented on the goals the government targets with the Stellar deal:

Another important aspect of this cooperation is contributing to the development of the infrastructure for a Ukrainian national digital currency. Most of the world’s leading countries are developing their own national digital currencies. (…) It demonstrates Ukraine’s movement towards one of major financial trends. At the Ministry, we aspire to ensure our country’s adaptation to technological innovations and competitiveness in the financial market in Eastern Europe.

The memorandum outlines a “cooperation on the development of the virtual assets market in Ukraine,” “provision of support to projects related to virtual assets,” plus the “facilitation” to make possible a CBDC in the country.

Denelle Dixon, CEO of the Stellar Development Foundation, said:

We look forward to working with the Ministry and other stakeholders to digitize the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine to businesses in the Stellar ecosystem.

Both the Ministry and the SDF will start to work on the project already this January, which also involves implementing regulation for stablecoins in Ukraine.

Coinbase Banner  

Latest Efforts of Kyiv to Regulate National Crypto Environment

Legalizing cryptocurrencies remains a priority in Kyiv as the government has indicated its clear understanding that the benefits outweigh the risks.

Early in 2020, the then-Finance Minister Oksana Markarova announced that operations conducted by crypto companies and other entities dealing with digital assets would be examined and verified by Ukraine’s financial regulators.

What do you think about the deal arranged between Ukraine and Stellar Foundation? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

FreeBitcoin Banner  

Read disclaimer

Go to Source
Author: Felipe Erazo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.