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The affiliates of South Korean internet giants Naver and Kakao are one of the main competitors in the country’s first central bank digital currency (CBDC) pilot project.
On Monday, Bank of Korea (BoK) Announce According to the local news agency Yonhap News Agency, the preliminary bidding results for participation in the digital project won the pilot. Kakao’s blockchain subsidiary Ground X, Naver subsidiary Line Plus and enterprise group SK Group are the top three companies that submitted applications for a 10-month CBDC pilot contract.
The Bank of Korea now plans to select an operator to run a blockchain-based digital won simulation project. The bank is expected to make a decision next month. The pilot project will last until June 2022, with a research budget of 4.96 billion won (4.3 million US dollars).
According to the report, the pilot aims to test CBDC in a virtual simulation environment based on distributed ledger technology. BoK intends to explore potential use cases related to CBDC issuance, redemption, electronic payment and settlement, and the purchase of digital artwork and copyright.
Related: South According to reports, South Korean Internet giant Naver has joined the Bithumb equity contest
This BoK initiates bidding process Choose a technology partner to study the benefits and impact of the launch of CBDC in May.The central bank previously Published a book on CBDC In February, it was officially announced that the country plans to test the issuance of digital won.
This news was released shortly after Line Plus Released Its own blockchain platform is optimized for issuing and maintaining CBDC. The new open source project is based on Line’s own blockchain technology and aims to support confidential payments and high-speed transactions.
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