New evidence seems to rise to the surface each and every day that cryptocurrency is coming to the masses. Today, that was further affirmed by the announcement that the Ukranian government will be collaborating with popular cryptocurrency platform Stellar to create their national digital currency. The two sides signed a “Memorandum of Understanding” that Stellar would help to build the digital currency ecosystem that Ukraine seeks.
According to industry experts, the Ukranian central bank has been looking for a way to do this and weighing its options since at least 2017, and has just now settled upon their partner of choice in Stellar.
Digital Transformation and IT Deputy Minister Oleksandr Bornyakov had this to say about the decision:
“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.”
This development is not the only government contract that Stellar has been awarded in recent months. Last month, a German bank selected Stellar as their preferred partner to help build a euro stablecoin. Stellar has secured the cooperation of many companies and countries around the world and has been one of the leading cryptocurrencies to produce real-world results.
Stellar Development Foundation CEO Denelle Dixon commented on the partnership:
“We’ve been in conversations with governments and institutions all over the world about the key considerations for issuing CBDCs. It’s important to remember many, if not all, of these organizations weren’t designed to be technology companies and that they have many audiences that they are supporting.”
