The Financial institution of Korea intends to select a driver to run a blockchain-based CBDC pilot next month that will certainly examine a digital won in numerous use instances.
Affiliates of South Korean internet giants Naver and Kakao are among the top competitors to service the nation’s first central bank electronic money (CBDC) pilots.
On Monday, the Financial Institution of Korea (BoK) introduced the preliminary proposal results for taking part electronic won pilots, regional news agency Yonhap reported. Kakao’s blockchain subsidiary Ground X, Naver-affiliated Line Plus as well as empire SK Group were the top three companies that sent applications for a 10-month CBDC pilot contract.
The BoK currently prepares to pick an operator to run a blockchain-based simulation project for the digital won. The bank expects to get to a choice following month. The pilot will certainly run until June 2022, with a study spending plan of 4.96 billion won ($4.3 million).
According to the report, the pilot intends to check the CBDC in a virtual simulation environment based upon distributed ledger technology. The BoK means to check out possible use cases connected to CBDC issuance, redemption, electronic repayments as well as negotiation, and also the investing in of electronic art work and copyrights.
The BoK released the bidding procedure to pick a tech companion for studying the benefits as well as ramifications of introducing a CBDC in Might. The central bank formerly released a book on CBDCs in February, officially announcing the nation’s plans to check the circulation of a digital won.
The news comes quickly after Line And also launched its very own blockchain platform optimized for releasing and also keeping a CBDC. The new open-source job is based upon Line’s very own blockchain innovation and is created to support high-speed purchases and confidentiality-focused repayments.
