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Bank of Korea to have 2 stages in piloting their CBDC or Digital Won through Ground X

 

According to estimates published by the Bank for International Settlements, more than 50 central banks and monetary authorities are investigating the formation of a digital currency. Central bank digital currencies (CBDCs), which are designed to be created and controlled by these financial institutions, have piqued the interest of policymakers all over the world.

Ground X, a subsidiary of internet giant Kakao, has been chosen by the Bank of Korea last month to create a pilot to test its CBDC, or digital won. By December, Ground X will complete the initial stage of testing, which will focus on the currency's most fundamental functionalities.

And then, the second stage, which will look at more sophisticated topics including privacy concerns, will be completed possibly by June 2022. According to Junsik Sim, CEO of blockchain company Onther, which will also be involved, other organizations, including digital lender Kakaobank and online payment service Kakao Pay, will all participate in the next testing.

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