Stellar Foundation to Facilitate CBDC Infrastructure for Ukraine Government

• Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) signed a Memorandum of Understanding.
• Stellar Development Foundation to officially launch its activity from Jan 2021.
• It will facilitate help digital currency for the Central Bank in Ukraine.

The Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) signed a Memorandum of Understanding and Cooperation on December 28th 2020. They will work on the development of virtual assets in Ukraine.

Under the MOU both will work to develop a modern infrastructure for the virtual assets. Basically, this will improve Ukraine’s status as an innovative digital country in the financial market in Eastern Europe.

Oleksandr Bornyakov, the Deputy Minister of Digital Transformation for IT Development 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.”

The National Bank of Ukraine is trying its all best to implement the CBDC implementation since 2017. Not only these many leading countries are building its own national digital currency.

Stellar is the cryptocurrency and non-profit organization which was launched by Ripple co-founder Jed McCaleb in 2014. Last month it was selected by German bank Bankhaus von der Heydt (BVDH) as a means to issue EURO stablecoin.