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Internet Heavyweights Lead In Race For Running CBDC Pilots With Bank Of Korea

By Robin Wong | July 13, 2021

The Bank of Korea is reported in the search for an operating partner, regarding its blockchain-powered CBDC trial starting in August, which will conduct pilot testing for a digital won in different use cases.

Specifically, the subsidiaries of internet behemoths Naver and Kakao from South Korea are reportedly included in the mix of top contenders, to be collaborating on the nation’s first (CBDC) pilots.

On July 12th,  the Bank of Korea (BoK) reportedly disclosed details of the preliminary bid results, regarding taking part in the digital won pilots, where Kakao’s blockchain affiliate Ground X, together with Naver-owned Line Plus and conglomerate SK Group are securing the leading spots that finalized their application for a  CBDC pilot contract lasting for 10 months. 

The BoK reportedly is looking to finalize its selection in August, where the pilot will be carried out until June next year, with a dedicated budget for research falls around 4.96 billion won ($4.3 million).

The pilot reportedly has a primary goal of conducting testing for the CBDC in a virtual simulation environment, on the foundation of distributed ledger technology. 

The BoK has intentions of deep-diving into numerous possible use cases, associated with CBDC issuance, redemption, electronic payments, and settlement, as well as the purchasing of digital artworks and copyrights.

The BoK reportedly initiated the bidding process for selecting a tech entity to jointly explore the advantages and implications of releasing a CBDC in May. 

The central bank publicly rolled out a publication regarding the books on CBDCs in February.

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