Stellar Development Foundation Signs An Agreement With The Ukrainian Government To Facilitate The Creation Of A Digital Asset Ecosystem
Stellar Development Foundation Signs An Agreement With The Ukrainian Government To Facilitate The Creation Of A Digital Asset Ecosystem
January 5, 2021
Stellar Development Foundation Signs An Agreement With The Ukrainian Government To Facilitate The Creation Of A Digital Asset Ecosystem
Stellar Development Foundation Signs An Agreement With The Ukrainian Government To Facilitate The Creation Of A Digital Asset Ecosystem
January 5, 2021

The Stellar Development Foundation has signed an agreement with the Ukrainian government to facilitate the creation of a digital asset ecosystem, including a framework for a central bank digital currency (CBDC).

It has been reported that Ukraine’s Ministry of Digital Transformation announced that it has entered into a memorandum of understanding with the Stellar Development Foundation.

However, the MOU outlines Ukraine’s strategy for developing digital assets and CBDC infrastructure. This includes providing support to projects specializing in digital assets, implementing, and regulating stablecoin circulation, and promoting the development of a CBDC. 

The report said that Oleksandr Bornyakov, the Deputy Minister of the Ministry of Digital Transformation, said that facilitating a national cryptocurrency doesn’t mean that Stellar will develop the Ukrainian CBDC.

Rather, the Stellar partnership is expected to “enable quality decision-making regarding development of the virtual assets ecosystem in Ukraine.”

When asked about Ukraine’s potential to lead cryptocurrency and blockchain development in Europe and the world, Bornyakov said his ministry is integrating best practices from Switzerland, the United Kingdom, Malta, Liechtenstein, and the United States. 

ALSO READ :  PayPal CEO Dan Schulman HODLS Bitcoin And Only Bitcoin

He elaborated:

“Crypto companies, blockchain startups and financial institutions — all of them seek a legally protected environment for conducting business. And the Ministry of Digital Transformation of Ukraine is working on building a legal framework that will offer a transparent and stable regulatory environment for blockchain and crypto companies.”

Bornyakov said that the National Bank of Ukraine has been researching CBDCs since 2017. Ukraine, like many other countries, is exploring the utility of a CBDC, as well as its potential impact on everything from monetary policy and financial stability to consumer adoption.

Thus, there have been some rumblings that Ukraine is prepared to lead Eastern Europe’s crypto race, with the Ministry of Digital Transformation pushing for clearer regulations on digital assets.

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.