Ukraine’s Ministry of Digital Transformation seems to be quite enthusiastic to launch its CBDC. Ukrainian ministry has recently <a style="font-weight: 400" href="https://www.prnewswire.com/news-releases/ukrainian-ministry-of-digital-transformation-to-develop-virtual-assets-and-to-facilitate-cbdc-infrastructure-with-the-stellar-development-foundation-301200026.html" target="_blank" rel="nofollow noopener">partnered</a> with Stellar Foundation for the development of the country's CBDC. Stellar will be building a proper strategy to develop Ukraine’s CBDC. As per the release, the country's national bank has been working on CBDC since 2017. 

Ukrainian Ministry has said that they are currently working to create a legal environment for developing the digital currency for the country. Oleksandr Bornyakov, Deputy Minister of Digital Transformation, has said that the ministry is trusting Stellar Foundation for CBDC development. 
<h2>Ukraine CBDC Might Launch on Stellar Blockchain</h2>
It has been seen that different countries across the world are planning or preparing to launch their own digital currency. Considering this, Ukrainian Ministry is trying to stay connected to technological innovations while adapting the latest technology. The major role of <a href="https://www.cryptoknowmics.com/news/stellar-development-foundation-sdf-backed-dstoq-beings-in-100-countries/">Stellar Foundation</a> will be to develop the virtual asset infrastructure, and the firm will begin working on it from this month only. 

Ukrainian Ministry has not revealed any specific details about the digital currency, but there are claims that it might launch on Stellar blockchain. Earlier, the national bank of the country has announced that they will be using the private version of Stellar blockchain for their digital currency.
<h2>Stellar-Backed Stablecoins Launched in Different Countries </h2>
This announcement by the Ukrainian ministry is coming when Stellar-backed stablecoins have been launched in different countries. Back in November 2020, the firm partnered with Shift Network to launch their stablecoins in Brazil and Argentina. Along with this, it has also been revealed that they will be developing a Euro stablecoin for Germany’s BVDH. Denelle Dixon, CEO of Stellar Development Foundation, has said:

“We believe digital assets and national digital currencies are one of the most important innovations of our lifetimes and we are excited to play a role in the creation of Ukraine’s digital asset infrastructure.”

Ukrainian Ministry Partners with Stellar Foundation for CBDC Development

Ukrainian ministry has recently partnered with Stellar Foundation to develop the CBDC of the country by building proper infrastructure for it.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Ukrainian Ministry Partners with Stellar Foundation for CBDC Development

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