South Korean internet giants bid for central bank digital currency pilot
The Bank of Korea plans to select an operator to run a blockchain-based CBDC pilot next month that will test a digital won in various use cases. 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....
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South Korean commercial bank Shinhan Bank has built a digital won pilot platform in collaboration with LG CNS. Major South Korean commercial bank Shinhan Bank is looking to collaborate with the country’s central bank on developing a national digital currency.Shinhan Bank has developed a blockchain-based pilot platform for a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services arm LG CNS, South Korean news agency Yonhap reports Monday.Shinhan Bank and LG CNS created a virtual CBDC model where the Bank of Korea issues a CBDC, while other banking....
The South Korean central bank is on track with its CBDC pilot program, but still insists it has no current plans to launch. The South Korean central bank announced on Oct. 7 that it will begin the distribution phase of its central bank digital currency, or CBDC, pilot scheme next year.This will see the digital won enter circulation, with financial institutions getting involved in the distribution and transactions being recorded to the blockchain, according to an article in local media outlet The Korea Herald.As Cointelegraph reported, Bank of Korea's 22-month CBDC pilot scheme launched in....
Kakao wants to keep up with the enterprise blockchain competition in Asia as it eyes expansion to Singapore. Singapore is reportedly the next port of call for Kakao’s globalization agenda for its legacy blockchain platform Klatyn.According to a report by The Korea Herald on Monday, Kakao has established two new blockchain-based entities — the Klatyn Foundation and Krust — in the city-state. The Klatyn Foundation is a non-profit organization while Krust serves as a global accelerator for blockchain technology adoption.Kakao plans to use both entities to foster broad-based penetration of its....
The second phase of the CBDC mock testing is expected to complete by June this year The Bank of Korea has successfully completed the first phase of its central bank digital currency mock testing started in August 2021. The South Korean central bank said that the first phase of its CBDC mock testing was completed in December while the second phase is currently underway, reported YNA news. The first phase of the mock test involved some of the basic functions of the sovereign digital currency such as distribution and issuance.The second phase of the central bank digital currency (CBDC) pilot....
The platform would aid central banks in Asia with developing a central bank digital currency. LINE, a Tokyo-based subsidiary of the South Korean internet search engine company Naver, is building a platform for developing central bank digital currencies, South Korean news agency The Chosun Ilbo reported on Oct. 19.Sources familiar with the matter reportedly told The Chosun that LINE aims to support the development of a so-called “customized CBDC.”The messaging company is discussing the application of its blockchain-based CBDC platform with several central banks in major Asian countries,....