Stellar is working on the Ukrainian CBDC

Everyone is talking about CBDCs. Now the Ukrainian central bank is also taking action. As a partner, she can fall back on none other than the Stellar Development Foundation.

On Tuesday, the Stellar Development Foundation (SDF) issued a press releaseannounced that she has signed a contract with the Ukrainian Ministry of Digital Transformation

The aim of the agreement is both the development of a digital central bank currency (CBDC) and the establishment of a stablecoin and virtual asset infrastructure.

According to the Deputy Minister for Digital Transformation, Oleksandr Bornyakov, with this project Ukraine wants to join the ranks of countries that are already developing their own national digital currencies. According to Bornyakov, the National Bank of Ukraine has been researching the possibility of implementing a Bitcoin Evolution since 2017.

The project shows that Ukraine is moving towards one of the most important financial trends. In the ministry, we strive to ensure our country’s adaptation to technological innovations and competitiveness in the financial market in Eastern Europe.

However, the project is not limited to a digital version of the Ukrainian national currency, the hryvnia. It also includes helping Stellar develop a virtual asset market in the country. Support with the implementation of stablecoins using the Stellar blockchain is also included.

We believe that digital assets and national digital currencies are one of the most important innovations of our current life and we are excited to play a role in creating the digital asset infrastructure in Ukraine,

quoted Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.

Stellar Foundation known for innovation

The Stellar Protocol has made a name for itself several times in the past through highly innovative projects . In terms of global efforts to launch a digital central bank currency, China is currently very far ahead. There they could even afford to raffle 200 million digital yuan among the population .

It is by no means unusual for central banks to bring crypto experts on board for their projects. Numerous companies, which include consulting firms as well as blockchain providers, compete for work on CBDC projects. The Corda network from R3 also has a CBDC-compatible solution ready. The US Federal Reserve works with the Massachusetts Institute of Technology (MIT). Even Mastercard and Visa are looking to get involved. The organization that has received the most participants so far is the Banque de France , which has selected eight teams, many of which have formed sizeable consortia.