XLM Slingshots To $0.15 As Ukraine Selected It For Its CBDC: Report

XLM slingshots to $0.15 price level as Ukraine selected it for the upcoming state-backed digital currency as we can see more in today’s Stellar news.

Stellar is the world’s 14^th biggest cryptocurrency and has recently been selected by Ukraine in their attempt of launching a state-backed digital currency. Ukraine will deploy its CBDC on the Stellar blockchain according to a press release on Monday and the project will be overseen and conducted by the Ministry of Digital Transformation and the Stellar Development Foundation. Deputy Minister Oleksandr Bornyakov announced the new partnership and said it will facilitate the development of a better crypto ecosystem in the country:

 “The cooperation would help contribute to the development of the infrastructure for a Ukrainian national digital currency.”

Among the other points with the two critical agendas, the implementation and regulation of a state-backed stable coin circulation in the country and the facilitation of the development of the digital currency of the Central Bank in Ukraine are the most important. The memorandum was signed earlier in December but was announced today and one of the goals will be to develop Ukraine as a digital assets innovator as an upstart for financial markets in the Eastern European economy.

Bornyakov said that the move came as many central banks across the world were assessing their own CBDC projects or they were already testing a digital currency protocol. These countries include Singapore, France, Japan, and China which have all made advancements in 2020 regarding the development and testing of such tools. The minister noted that the National Bank of Ukraine was researching the possibility of CBDC and added:

 “It demonstrates Ukraine’s movement towards one of the major financial trends. At the Ministry, we aspire to ensure our country’s adaptation to technological innovations and competitiveness in the financial market in Eastern Europe.”

In the meantime, Denelle Dixon who is the CEO of the Stellar Development Foundation stated that this project could see the Stellar-based tools and services getting introduced to the people and businesses of Ukraine alongside the new partnership opportunities in the country for business in the XLM ecosystem. XLM slingshots to $0.15 after the announcement and now the token is up by 300% since last year amidst the bull run on the market.

The charts show a downtrend for the XLM token despite the bullish news and it pumped to $0.20 back in December 2020 as it was sliding since and set lower highs and lower lows.