Ukraine’s CBDC, the Digital Hryvina, Will Run on Stellar’s Blockchain

The Ministry of Digital Transformation of Ukraine signed a Memorandum of Understanding and Cooperation with Stellar Development Foundation (SDF) on Dec. 28.

SDF announced on Monday, this week, that as per the memorandum they will work on the development of virtual assets in Ukraine.

In response, XLM recorded gains, going to nearly $0.17 XLM -2.11% Stellar / USD XLMUSD $ 0.29
-$0.01-2.11% Volume 1.41 b Change -$0.01 Open $0.29 Circulating 22.1 b Market Cap 6.39 b 12 h OKEx Expands Its Real-Time Settlement Platform to New Coin-Margined Perpetual Swaps 3 d Grayscale Reopens Deposits for New Investors In Its Crypto Trusts; Excludes Ethereum & XRP 6 d Deeper Pullback in Precious Metals Indicates Flows Are Moving Towards Bitcoin .

The latest efforts align with the country working on creating a legal environment for the development of digital assets in Ukraine and enhancing its status as an innovative digital country in the financial market in Eastern Europe.

“Another important aspect of this cooperation is contributing to the development of the infrastructure for a Ukrainian national digital currency,” said Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development.

The National Bank of Ukraine has been researching the possibility of CBDC implementation since 2017, Bornyakov said.

As per the memorandum, both will cooperate on the development of the virtual assets market in Ukraine, supporting projects related to virtual assets; implementation and regulation of stablecoin circulation in the country; and development of the digital currency of the Central Bank (CBDC) in Ukraine.