South Korean Internet Giant Offers Central Bank’s Digital Currency Pilot Project

The Bank of South Korea intends to choose an administrator to run a blockchain-based CBDC pilot one month from now that will test a digital won in different use cases.

Associates of South Korean web giants Naver and Kakao are among the strong competitors to deal with the country’s first central bank digital currency (CBDC) pilots.

On Monday, the Bank of Korea (BoK) declared the fundamental bid results for taking an interest in advanced won pilots, local news organization Yonhap detailed. Kakao’s blockchain subsidiary Ground X, Naver-partnered Line Plus and SK Group were the main three organizations that submitted applications for a 10-month CBDC pilot contract.

The BoK currently plans to choose an administrator to run a blockchain-based re-enactment project for the digital won. The bank hopes to reach a final decision one month from now. The pilot will run until June 2022, with an examination spending plan of 4.96 billion won ($4.3 million).

As per the report, the pilot plans to test the CBDC in a virtual recreation environment dependent on distributed ledger innovation. The BoK expects to investigate potential use cases identified with redemption, CBDC issuance, electronic payments and settlement, and the buying of digital artworks and copyrights.

The BoK dispatched the bidding process to pick a tech accomplice for considering the advantages and ramifications of dispatching a CBDC in May. The central bank recently distributed a book on CBDCs in February, authoritatively reporting the nation’s arrangements to test the distribution of a digital won.

The news comes not long after Line Plus released its own blockchain stage optimized for giving and keeping a CBDC. The new open-source project depends all alone on blockchain innovation and is intended to help focused payments and high-speed transactions.

Source: Cointelegraph News

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