A South Korean national flag, left, and the Bank of Korea flag fly outside the central bank’s headquarters building in Seoul, South Korea, on Thursday, July 14, 2016. South Korea’s won rose to a two-month high after Bank of Korea Governor Lee Ju Yeol kept interest rates at a record low and said the government’s stimulus will boost growth by about 0.2 percentage point. Photographer: SeongJoon Cho/Bloomberg
The Central Bank of South Korea has selected a blockchain subsidiary of local internet giant Cacao as a technology provider for digital currency pilots.
Kakao’s Ground X has won the Bank of Korea’s Central Bank Digital Currency (CBDC) bid and has become a leading technology supplier for blockchain-based digital won simulation. Local news agency Korea JoongAng Daily report Tuesday.
The Central Bank has announced that Ground X will participate in the South Korean CBDC project in collaboration with US-based blockchain company ConsenSys and other Kakao affiliates such as Kakao Bank and KakaoPay.
Focusing on Ethereum blockchain infrastructure and decentralized applications, ConsenSys will contribute to the CBDC project by applying in-house solutions such as ConsenSysQuorum and ConsenSysCodefi, the company announced on Twitter.
Earlier this month, Cointelegraph was BOK Started the bidding process for the company I am interested in implementing a CBDC simulation project for blockchain. According to Jun Ahn Daily of South Korea, the first test may start next month.
Release By Cacao in 2018, GroundX is known for running its own blockchain platform called Klaytn. ConsenSys is already cooperating We collaborated with GroundX on the development of a private platform for publishing the Korean CBDC.
This initiative tests CBDC in a virtual simulation environment based on distributed ledger technology and is related to CBDC issuance, redemption, electronic payments, potential payment-related use cases, and digital artwork and copyright purchases. The purpose is to investigate potential integration.Central Bank First announced the national plan We will test the distribution of the digital won won in February.
