The digital currency project was launched using the Central Bank Stellar in Ukraine

The digital currency project was launched using the Central Bank Stellar in Ukraine

The Stellar Development Foundation Stellar announced today that it will use the blockchain to run the electronic version of the hryvnia, Ukraine’s national currency. The pilot project will be overseen by Fintech Bit and Tascombank. Bank Central part of the country with the encouragement of the Ministry of Digital Transformation.

The ministry said in January that it had entered into a partnership with the U.S. Stellar Development Foundation, Which promotes the use of cryptocurrency XLM Stellar blockchain encryption algorithm to create a central bank digital currency. The CBDC Utilize blockchains to enable faster and more efficient payments in the national currency.

This pilot project will serve as the technical basis for electronic payments, and will be the next major step in the modernization of payment and financial infrastructure in Ukraine.“Deputy Minister of Digital Transformation Oleksandr Bornyakov said in a press release.

The relatively rapid transition of Ukraine from a partnership to a trial means that it is far ahead of other European countries and the European Central Bank in developing a digital currency. Most central banks are still studying the potential of CBDCs.

France is the most advanced European country in the region. She recently launched one Cross-border payment experience In collaboration with a Swiss bank. According to the research site, outside of Europe, China is testing a digital currency. CBDCTracker.org.

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According to the September 2020 rankings of the blockchain analyst firm, Ukraine has the highest cryptocurrency adoption rate in the world. Chinalysis. In 2019, the government created the Ministry of Digital Transformation with a program to expand the digital culture and increase Internet accessibility.

The Ministry has expanded its mandate to include cryptocurrencies, Earlier this year, a bill was drafted to legalize Bitcoin and other cryptocurrencies ; The legislation provided legal protection for owners and gave the green light to banks to provide services to cryptocurrency companies.

The Ministry believes that policies in favor of cryptocurrency will attract new financial services to the country. Taskombank President Volodymyr Dubey agrees.

Given the rapidly growing impact of virtual assets on our daily lives and financial landscape, it is essential to take advantage of blockchain technology and new related products as part of the Bank’s long – term marketing strategy.“, He announced.

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