The Stellar Development Foundation has reportedly entered a partnership with the Ukrainian authority, in a bid to support the development of a crypto asset ecosystem, including a CBDC framework.

Specifically, Ukraine’s Ministry of Digital Transformation reportedly disclosed that it has put its signature onto a memorandum of understanding with the Stellar Development Foundation.

The MOU reportedly detailing the nation’s strategy, regarding the design process of crypto assets and CBDC infrastructure, this reportedly includes facilitation for projects whose work focuses on cryptocurrencies, implementing and regulating stablecoin circulation, as well as promoting the creation of a CBDC. 

Oleksandr Bornyakov, deputy minister of the Ministry of Digital Transformation, claimed that Stellar assisting in building the national crypto coin does not directly translate to the entity solely building the Ukrainian CBDC. 

Instead, the collaboration with Stellar is reportedly expected to “enable quality decision-making regarding development of the virtual assets ecosystem in Ukraine.”

Regarding Ukraine’s power to be the pioneer in the crypto and blockchain development process across the continent and globally, Bornyakov reportedly claimed that his ministry is employing the top practices from Switzerland, the United Kingdom, Malta, Liechtenstein and the US. 

“Crypto companies, blockchain startups and financial institutions — all of them seek a legally protected environment for conducting business. And the Ministry of Digital Transformation of Ukraine is working on building a legal framework that will offer a transparent and stable regulatory environment for blockchain and crypto companies.” Bornyakov further stated.