Blockchain used by Ukrainian banks will help the US government

Stellar’s blockchain team will be one of four crypto-oriented companies and the only one representing blockchain on the US Commodity Futures Trading Commission (CFTC) committee. Stellar’s representatives joined traditional financial platforms such as JPMorgan Holding, Goldman Sachs Investment Bank, and BlackRock Investment Company.

Members of the Global Market Advisory Committee (GMAC) will consider the competitiveness of American companies involved in global business. According to Stellar, the organization’s inclusion in the GMAC marks an important moment for blockchain and is a recognition that the future of the US markets and the blockchain industry are interconnected. This will allow Stellar to participate in discussions that determine the future regulatory structure and achieve clear rules for the industry.

It is worth noting that for two years, Stellar has been working with one of the oldest commercial banks in Ukraine, Tascombank. The partnership allowed the financial institution to evaluate the pros and cons of issuing electronic money on an open blockchain with asset control capabilities for issuers. The Stellar pilot project focused on peer-to-peer and trade payments, as well as payroll.

According to Stellar, the future of blockchain is not to displace traditional finance, but to build on and work with the existing system. As part of its participation in GMAC, the blockchain team plans to tell policymakers about the role of stablecoins in the digital asset market and share examples of their use, including the delivery of humanitarian aid to Ukraine through the Stellar Aid Assist initiative.