The Stellar Development Foundation announced that Stellar blockchain will power Ukraine's central bank digital currency pilot, led by FinTech firm Bitt and TASCOMBANK under central bank supervision. This positions Ukraine ahead of most European nations in CBDC development.
The Stellar Development Foundation announced that the Stellar blockchain will be used to pilot a digital version of Ukraine's hryvnia currency. The pilot is being conducted by FinTech firm Bitt and TASCOMBANK under oversight of Ukraine's National Bank of Ukraine and with support from the Ministry of Digital Transformation. This follows January's partnership announcement between the ministry and Stellar Development Foundation to create a CBDC. Ukraine is moving faster than most European countries and the European Central Bank in CBDC development. The country has the highest crypto adoption rate globally and legalized cryptocurrency this year, positioning itself as crypto-friendly.