The Ukrainian government has chosen the\u00a0Stellar (XLM)\u00a0blockchain network as a platform to create a central bank digital currency\u00a0(CBDC).\r\n\r\nOn Monday, the\u00a0Ukrainian Ministry of Digital Transformation\u00a0and the\u00a0Stellar Development Foundation (SDF)\u00a0signed an agreement. The basis of the agreement was the creation of a\u00a0\u201cvirtual assets ecosystem and national digital currency of Ukraine.\u201d\u00a0According to the Memorandum of Understanding, the Ukrainian government will prefer the Stellar blockchain network for a central bank digital currency it will soon create. Under the agreement, this partnership also aims to solidify Ukraine\u2019s position as an innovative digital country in the Eastern European financial market.\r\n\r\nThe announcement of the previously signed (December 28) Memorandum was made on January 4. Another major purpose of this partnership is to facilitate the implementation and regulation of stablecoins in Ukraine.\r\n\r\nAccording to\u00a0Oleksandr Bornyakov, deputy minister of the Ministry of Digital Transformation,\u00a0The National Bank of Ukraine\u00a0has been exploring the possibility of implementing CBDC since 2017. The Stellar partnership will now actualize this possibility as the basis for cryptocurrency development. Bornyakov said the followings in a statement he made:\r\n\u201cThe 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.\u201d\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nThe Announcement Has Positively Affected XLM\r\nStellar\u2018s cryptocurrency XLM immediately boomed after this news. It rose from a daily low of $ 0.12 to around $ 0.16. According to\u00a0CoinMarketCap\u00a0data, the cryptocurrency has increased by 13% in the last 24 hours. At the time of writing, XLM is trading around $ 0.160.\r\n\r\nLaunched by Ripple co-founder\u00a0Jed McCaleb\u00a0in 2014, the cryptocurrency and nonprofit\u00a0Stellar\u00a0was chosen last month as a euro stablecoin issuing tool by\u00a0German bank Bankhaus von der Heydt (BVDH). German regulator\u00a0BaFIN\u00a0also approved the issuance of tokenized bonds on the Stellar network. Digitization of Ukraine\u2019s official currency, Ukrainian hryvnia, will officially begin this month.\r\n\r\n#coinsfera #cryptonews #buybitcoinistanbul #buybitcoindubai #buybitcoinkosovo #buybitcoinwithcash #sellbitcoinwithcash #buybitcoin #sellbitcoin\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nDisclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.