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South Korean Internet Giants, Naver and Kakao Bids for Nation’s First Digital Currency

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Stack of Bitcoin coins on South Korean

Kakao’s blockchain subsidiary, Naver-affiliated Line and SK Group were three major companies that submitted their applications for a 10-month CBDC pilot agreement.

Source: CoinTelegraph.

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The Bank of Korea plans to choose an operator for simulating a blockchain-based projection for a digital won. The pilot project will operate until June 2022, with a budget of $4.3 million.

BoK’s report states the pilot seeks to test the digital currency in a virtual simulation climate based on distributed ledger innovation.

BoK will explore the possible use cases associated with the issuance of CBDC, redemption, electronic payments, and the purchase of digital copyrights.

In May, Bok launched the bidding process to select a technology partner for determining the bests and impacts of launching a CBDC.

Line Plus launched its blockchain site optimized for issuance and maintaining a CBDC. The open-source project is developed for supporting confidentiality-based payments and transactions.

 

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