South Korean internet giants bid for central bank digital currency pilot

South Korean internet giants bid for central bank digital currency pilot


Affiliates of South Korean internet giants Naver and Kakao are among the top contenders to work on the country’s first central bank digital currency (CBDC) pilots.

On Monday, the Bank of Korea (BoK) announced the preliminary bid results for participating digital won pilots, local news agency Yonhap reported. Kakao’s blockchain subsidiary Ground X, Naver-affiliated Line Plus and conglomerate SK Group were the top three companies that submitted applications for a 10-month CBDC pilot contract.

The BoK now plans to select an operator to run a blockchain-based simulation project for the digital won. The bank expects to reach a decision next month. The pilot will run until June 2022, with a research budget of 4.96 billion won ($4.3 million).

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According to the report, the pilot aims to test the CBDC in a virtual simulation environment based on distributed ledger technology. The BoK intends to explore potential use cases related to CBDC issuance, redemption, electronic payments and settlement, and purchases of digital artworks and copyrights.

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