In Ukraine, Bitcoin is snubbed in favor of Stellar (XLM)

Bitcoin is not unanimous everywhere – For several years, many States have been carrying out experiments relating to the creation of a central bank digital currency (MNBC). Some Ukrainian banks are keen to follow suit and have announced a test program overseen by the Ukrainian central bank.

An MNBC on the Stellar blockchain

Stellar Network (XLM) is a blockchain specialized in instant and low-cost money transfers. In addition, this makes it possible to host assets other than the native XLM token to the protocol.

On Tuesday, December 14, the Stellar teams announced a partnership sizeable with one of the oldest Ukrainian banks, TascomBank. This partnership is made within the framework of a pilot project aimed at issuing a digital currency based on the local currency, the hryvnia.

In practice, the Central Bank as well as the Ukrainian Ministry of Digital Transformation will oversee the project. This demonstrates Ukraine’s growing interest in a national cryptocurrency.

“The objective of the project is to pilot the issuance of electronic money on an open blockchain with asset control capabilities for issuers. TascomBank will build and test the regulated electronic hryvnia on Stellar. “

Stellar Announcement

In addition, the 2 entities wish to test the MNBC as part of the payment of wages company employees Diia. The project is expected to be launched in early 2022.

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Ukraine: the first true crypto-nation in Europe?

A few years ago, France expressed its wish to become a “crypto-nation”. It is clear that, for the moment, it is a bitter failure.

ukraine première crypto-nation europe

For its part, Ukraine could well become the first true European crypto-nation. Indeed, Ukraine topped the cryptocurrency adoption rankings in 2020.

Faced with the challenges posed by digitization, Ukraine created a ministry for digital transformation in 2019. Ukraine also has a straightforward stance on cryptocurrencies from a legislative standpoint. Last July, the country thus legislatively put cash and a hypothetical MNBC at the same level, on the occasion of the promulgation of a law on payment methods.

Another regulation aims to legalize cryptocurrencies in the country. This would make Ukraine the first European country to embrace cryptocurrency.

Regarding MNBCs, France is not as late as it is on cryptocurrencies in general. Indeed, the Banque de France, accompanied in particular by Societe Generale (SG) is increasing the experiments linked to an MNBC. As a result, the 2 entities carried out a program to issue tokenized securities on the Tezos blockchain last April.

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