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South Korean internet giants bid for central bank digital currency pilot



Associates of South Korean internet giants Naver and Kakao are among the many high contenders to work on the nation’s first central bank digital currency (CBDC) pilots.

On Monday, the Bank of Korea (BoK) introduced the preliminary bid outcomes for collaborating digital received pilots, native information company Yonhap reported. Kakao’s blockchain subsidiary Floor X, Naver-affiliated Line Plus and conglomerate SK Group have been the highest three corporations that submitted purposes for a 10-month CBDC pilot contract.

The BoK now plans to pick out an operator to run a blockchain-based simulation mission for the digital received. The bank expects to achieve a choice subsequent month. The pilot will run till June 2022, with a analysis price range of 4.96 billion received ($4.3 million).

In keeping with the report, the pilot goals to check the CBDC in a digital simulation setting primarily based on distributed ledger expertise. The BoK intends to discover potential use instances associated to CBDC issuance, redemption, digital funds and settlement, and the buying of digital artworks and copyrights.

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The BoK launched the bidding course of to decide on a tech associate for finding out the advantages and implications of launching a CBDC in Could. The central bank beforehand printed a ebook on CBDCs in February, formally saying the nation’s plans to check the distribution of a digital received.

The information comes shortly after Line Plus launched its personal blockchain platform optimized for issuing and sustaining a CBDC. The brand new open-source mission relies on Line’s personal blockchain expertise and is designed to help confidentiality-focused funds and high-speed transactions.

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