As most states in the world are moving towards rolling out their own state-backed blockchain-based digital currencies, Ukraine, a cryptocurrency-friendly country in Eastern Europe has also decided to follow the lead. The state is going to develop its own central bank digital currency (CBDC).
There is an opinion that European Union (EU) countries offer more favourable conditions for running cryptocurrency businesses. That is why companies tend to choose the European market over the United States.
The European Commission (EC) approved on Thursday September 24, a digital finance package, including a retail payments plan, digital finance strategy and legislative proposals on cryptocurrency and digital resilience, for a booming European Union (EU) financial sector that gives customers access to state-of-the-art financial goods and services.
Amidst rapid digitization of the world, central banks are making efforts to keep pace. Nevertheless, while Asian countries such as China have been actively developing its Central BankDigital Currencies, Europe has been cautiously exploring it. But now it seems the continent will see its first CBDC as soon as this week.
The Bank of Lithuania (BoL) is working on the development of a blockchain platform to support the non-financial sector. As per the report by Europe World News, the BoL unveiled that it has successfully completed the blockchain-powered sandbox ‘LBChain’ initiative.
The central bank of Sweden has entered the world's first test of the issuance of their own central bank digital currency (CBDC). This means that the country has become part of those governments (over 15 countries) trying to issue their own CBDC.
The digital asset arm of Fidelity Investments, a giant investment manager based in the U.S., has rolled out its first venture in Europe, starting a new facade in a massive move to integrate ryptocurrency into conventional investing. This is the first time it makes a push into this blockchain and cryptocurrency-friendly continent.