Ukraine signs agreement with Stellar Development Foundation to work on CBDC, digital asset strategy

Ukraine's Ministry of Digital Transformation has inked a memorandum of understanding with the Stellar Development Foundation, with the two sides agreeing to cooperate on a number of digital asset-related initiatives.

According to statements published Monday, such projects will include assisting Ukraine's central bank on its digital currency efforts and, more broadly, "the development of a strategy for virtual assets in Ukraine."

The SDF will help Ukraine build infrastructure for a modern virtual asset market and “enhance Ukraine's status as an innovative digital country in the financial market in Eastern Europe,” according to a press statement.

“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 [the] development of the virtual asset industry and its integration into the global financial ecosystem,” Oleksandr Bornyakov, Deputy Minister of Digital Transformation for IT Development, was quoted as saying.

SDF will start activity with Ukraine in 2021, according to the statement, though an exact start date is unclear.

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