Ukraine Working on CBDC that Can Facilitate Crypto Trading- is Stellar Lumens Network Involved?

• The National Bank of Ukraine is drawing plans for its electronic version of the Ukrainian hryvnia.
• Crypto came to play a role in collecting donations and facilitating the purchase of critical supplies after Russia’s invasion.

The National Bank of Ukraine (NBU) is planning to launch a central bank digital currency (CBDC) that will facilitate the trading of digital assets and other cryptocurrency-related operations.

The NBU recently held a meeting with representatives from banks, non-banking institutions, and the crypto market to discuss the plans for the CBDC. The meeting was also attended by representatives from the Stellar Development Foundation, which is promoting the use of XLM cryptocurrency and the Stellar blockchain to create the CBDC.

The NBU said that it is exploring the use cases for the CBDC in retail non-cash payments, virtual asset circulation, and international transactions. The CBDC would be built on the Stellar blockchain network, which is a fast, secure, and scalable blockchain that is well-suited for the needs of a CBDC.

The NBU said that the CBDC could be one of the key elements of qualitative infrastructure development for the virtual assets market in Ukraine. The CBDC would provide a secure and reliable way to trade digital assets, and it would also make it easier for Ukrainians to use cryptocurrencies for international payments.

The NBU said that it is still in the early stages of developing the CBDC, and it will continue to consult with market participants and state bodies before making a final decision on the launch of the project.

The NBU’s plans to launch a CBDC are a sign of the growing acceptance of cryptocurrencies by governments around the world. Ukraine is one of the first countries to explore the use of a CBDC to facilitate crypto trading, and its plans could pave the way for other countries to follow suit.