Local blockchain unit Kakao, a Korean technology giant, was selected to be a technology supplier in a digital currency pilot project from the Korean Central Bank.
Kakao Ground X won a tender project organized by (CBDC) Bank Of Korea regarding central bank digital currency. The Bank Of Korea has chosen Kakao's Ground X, which is also an Internet giant, as a supplier for its digital currency trial. And the technology supplied for simulation by Kakao's Ground X will be a blockchain-based digital triumph.
The success of Kakao's Ground X to contribute its technology in the South Korean Central Bank's CBDC simulation was also followed by the American Ethereum software company, ConcenSys. The CBDC simulation in South Korea, which will be led by Ground X, will collaborate with ConsenSys and is also affiliated with other Kakao-owned products such as Kakao Pay and KakaoBank.
ConsenSys has already announced the news of this collaboration on Twitter regarding the contribution it will make to the CBDC project and will focus on decentralized applications and infrastructure for the Ethereum blockchain. ConsenSys Codefi and ConsenSys Qorum will be used as internal solutions for this project.
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With the collaboration between ConsenSys and Kakao Ground X, it is hoped that it will successfully adopt blockchain technology so that the Central Bank of South Korea will have a digital currency that can facilitate digital payments and settlements. The pilot project initiated by the Korean Central Bank for the Central Bank Digital Currency (CBDC) was warmly welcomed by various parties.
Earlier this month, InvestBound reported that The Bank of Korea opened a bidding process for companies inquisitive about undertaking a blockchain-enabled CBDC simulation project. In keeping with the Korea JoongAng Daily, the primary tests are likely to begin next month.
Ground X was launched in 2018 by Kakao, operates its own blockchain platform, Klaytn and signed a technology partnership with Ethereum developer ConsenSys earlier this year. ConsenSys has collaborated with Ground X in developing a private platform for publishing South Korean CBDCs.
Will this project be successful?
This initiative aims to check CBDCs during a virtual simulation environment supported distributed ledger technology, explore potential use cases associated with CBDC issuance, redemption, electronic payment and settlement, similarly as potential integrations associated with digital artwork and copyright purchases. The Bank of Korea initially announced the country's plans to check the digital distribution of the won in February. The Bank of Korea said earlier that the pilot program funding was 4.9 billion won (US$4.4 million). There are two steps to the program that can be used in this "virtual environment." The first phase, which focuses on researching and testing the fundamental role of central bank digital currencies, is set to end in December 2021. A second phase follows, which focuses on more detailed topics like privacy protection. The second phase is expected to be finished in June 2022.
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Source : https://cointelegraph.com
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