Ukraine has been under attack by Russian military forces for the past month, but cryptocurrency adoption continues to grow.
Stellar Development Foundation CEO Denelle Dixon revealed in a recent interview with CoinDesk that Central Bank Digital Currency (CBDC) is progressing in Ukraine.
The adoption comes despite the ongoing war in the country. Denelle Dixon said that Ukraine is developing its CBDC despite its ongoing war with Russia.
The Stellar Development Foundation is working with the Ukrainian central bank to develop its CBDC. President Volodymyr Zelenskyy hopes to maintain the strength of the national currency by developing a CBDC. Dixon said;
“The CBDC is something that [Stellar will] continue to work with [Ukraine] on.”
She added that President Volodymyr Zelenskyy hoped to launch the CBDC this year, but the ongoing war in the country makes it tough to achieve this objective.
Dixon pointed out that there have been some delays, as people involved have been unable to access their offices. Hence, the development is not as consistent as it once was, she added.
The Stellar CEO said she doesn’t know when the CBDC might launch and did not have an update on that matter. She added that the Ukrainian president plans to move to a cashless society once the CBDC development is complete.
Central bank digital currencies are gaining adoption globally as apex banks look to develop and launch the digital versions of their fiat currencies.
The idea behind the development of CBDCs is to curb the use of stablecoins, which have become popular, especially in the cryptocurrency space.
The cryptocurrency industry has shown its humanitarian side in the ongoing war in Ukraine. Various cryptocurrency projects, including Harmony Protocol, TronDAO and others, have collected millions of dollars from donors looking to support the Ukrainian people during this tough period.