• Klaytn (KLAY) and Ground X
• Bank of Korea and Ground X
• Pilot Simulation of CBDCs
• BOK pilot program allocates 4.9 billion won ($4.4 million)

Ground X was chosen by the Bank of Korea to spearhead its CBDC pilot program. The pilot will be leveraging Klaytn’s technology to meet the requirements for creating a national digital currency.

Klaytn:  Ground X was chosen by the Bank of Korea to spearhead its CBDC pilot program. The pilot will be leveraging Klaytn’s technology to meet the requirements for creating a national digital currency.

Cointelegraph: “Digital currencies are on their way, slowly but steadily. But, on which blockchain will they work? The central bank of South Korea has chosen the local internet giant Kakao as its technology provider.”

Coin Desk:  “The Bank of Korea has chosen a unit of internet giant Kakao as its preferred supplier to help build a pilot platform for its central bank digital currency (CBDC) pilot.”

Consensus: “Today, the Bank of Korea chose GroundX for their digital currency project. As the tech partner of GroundX, the blockchain subsidiary of Kakao, we are thrilled to get to work using our leading CBDC tech stack of ConsenSysQuorum and ConsenSysCodefi.

Worth recollecting, The World Bank and the IMF are supporting the CBDCs.  The BIS (Bank for International Settlements) stated that their coordination on digital currencies would help deal with delayed money transfer services, making it possible to transfer money faster throughout the world.

Indermit Gill, World Bank Group vice president of equitable growth, finance, and institutions, stated, “Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver benefits for citizens, businesses, and economies worldwide.”

It is well known that the World Bank and the CBDCs are supporting digital currencies.

The pilot project by the Bank of Korea at this point, when there is support gathering for digital currencies from the rest of the CBDCs, is gaining traction.

Ground X is the blockchain subsidiary of South Korea-based internet giant Kakao. The pilot program for CBDCs is expected to be closed by the end of July.

Klaytn is the blockchain from GroundX that stores and verifies unlisted investments like NFTs from February of 2021.

Reportedly, the Bank of Korea has been looking for a technology provider through an open bidding process with help with its plan for simulations related to the practicalities of CBDCs, which consists of banks and retailers.  The simulation program will run from August to December.

Korean Herald reports that “The BOK pilot program allocates 4.9 billion won ($4.4 million).”

Also, a potential South Korean CBDC built on the blockchain from Seoul-based Shinhan Bank was announced in March 2021.

It just looks like the CBDC races are beginning to gain traction.