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Stellar will form the basis of the national digital currency of Ukraine

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Ukraine will launch a national cryptocurrency on the Stellar blockchain

Stellar will form the basis of the national digital currency of Ukraine

Stellar will form the basis of the national digital currency of Ukraine
CONTENT

  • Stellar and the Ministry of Digital Industry of Ukraine signed a Memorandum of Understanding

  • Stellar blockchain will be used to create the national digital currency of Ukraine

  • XLM up 13% after news release

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The Ukrainian government will build its own digital currency (CBDC Paper notes and coins may be a thing of the past due to a new financial instrument – Central Banks Digital Currency (CBDC). As … More) based on Stellar blockchain

Stellar will form the basis of the national digital currency of Ukraine

The Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) signed a memorandum of understanding, which states that the parties intend to create an ecosystem of digital assets and the national digital currency of Ukraine.

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The parties signed the document on December 28, but it was officially announced only today, January 4.

Ukraine uses Stellar technology

The National Bank of Ukraine is exploring the possibility of issuing CBDCs since 2017. According to Deputy Minister for Digital Transformation Alexander Bornyakov, the partnership with Stellar will form the basis for the development of a digital asset.

“The Ministry of Digital Transformation is working to create the legal framework necessary for the development of digital assets in Ukraine. We are confident that cooperation with the Stellar Development Foundation will contribute to the development of digital currency and its integration into the global financial ecosystem, “Bornyakov said in a statement..

Stellar will form the basis of the national digital currency of Ukraine

The memorandum identifies four vectors of partnership between Stellar and the Ministry:

  • joint development of the virtual asset market in Ukraine;
  • support for projects related to digital assets;
  • introduction and regulation of stablecoin turnover in Ukraine; and
  • assistance in the development of digital currency of the National Bank of Ukraine.

Commenting on the news, the Stellar Development Foundation noted that they are proud of the partnership with the Ministry of Transformation of Ukraine and are looking forward to the opportunity to start working together.

We’re honored to partner with the innovators at the Ukrainian Ministry of Digital Transformation to help develop their strategy for virtual assets and facilitate development of a national digital currency. Exciting work ahead.https: //t.co/IFJ84SXcEF

– Stellar (@StellarOrg) January 4, 2021

Stellar cryptocurrency appeared in 2014. Its creator was Jed McCaleb, the former co-founder of Ripple..

Last month, the German bank Bankhaus von der Heydt (BVDH) selected the project as a platform to create a stablecoin pegged to the euro. Meanwhile, German regulator BaFIN has approved a Stellar-based tokenized bond issue. Last June Samsung added Stellar support to Galaxy line

Stellar (XLM) up 13%

Cryptocurrency XLM has risen sharply and tested a maximum of $ 0.16 amid the news release. XLM is trading at $ 0.15 at the time of writing, up over 13% on a daily basis.

Weekly XLM chart. CoinMarketCap data

Stellar will form the basis of the national digital currency of Ukraine

XLM is ranked 13th in the cryptocurrency rankings, and its current market capitalization is $ 3.3 billion.The average daily trading volume is up 100% to $ 1.36 billion.Despite a series of positive news, the coin is still well below the all-time high of $ 0.93, reached in January 2018.

At the end of 2020, the project came under attack due to the lawsuit of the American regulator against Ripple. Some experts claimed XLM could be next in line after XRP.

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