Ukraine is said to be the star of cryptocurrencies in Eastern Europe. The country is calling on Stellar (XLM) to create an infrastructure on which to base crypto projects and possibly a Ukrainian CBDC.
A Ukrainian CBDC signed Stellar … or not
The Ukrainian government signed a memorandum of understanding with the Stellar Development Foundation to facilitate the creation of a dedicated digital asset infrastructure, which includes a framework for a CBDC.
The announcement published on January 4, 2021 by the Ministry of Digital Transformation was confirmed by a press release from the foundation Stellar.
The Minister Oleksander Bornyakov indicated that this collaboration did not mean that Stellar would take care of the design of the CBDC Ukrainian. Rather, it is about giving the government the information it needs to make the best decisions.
Regarding the potential ofUkraine to lead the race for the development of blockchain and cryptocurrencies by Europe And in the world, Boryakov said his ministry was incorporating best practices from Swiss, of United Kingdom, of Malta, of Liechtenstein and United States.
Clear rules of the game
Boryakov said crypto companies are looking for a stable and regulated legal environment to run their business.
He also revealed that monetary authorities have been studying CBDCs since 2017. Like other countries, theUkraine analyzes the benefits of CBDCs and their potential impact on the economy, whether in terms of monetary policy, financial stability or their adoption by the general public.
Rumors point to a Ukraine on the verge of becoming the leader in the cryptocurrency industry in Eastern Europe, in view of the pressures exerted by the Ministry of Digital Transformation for clearer regulations.
In September 2020, Chainanalysis placed theUkraine # 1 in its global cryptocurrency adoption rankings.
Could Ripple (XRP) ultimately fall victim to a hazy legal environment surrounding cryptocurrencies and securities – Brad Garlinghouse and his team aren’t white as snow either with the hybrid status of XRP, a utility and speculative token ? Ukraine wants clear rules to govern crypto projects. The country appears to be well positioned in the blockchain, cryptocurrency and CBDC race. So Stellar could succeed where Ripple failed – at least with the United States : create an infrastructure for cross-border payments in accordance with the request of a State.
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