According to local media outlet The Korea Herald, the Bank of Korea has finally decided which platform to use for digital currency experiments.
Bank of Korea chose Cocoa
According to The Korea Herald, Kakao Corporation is an Nlockchain-focused subsidiary of the tech group. Ground XCentral Bank of Bank of Korea digital currency (CBDC) will officially start functioning as a technical platform.
According to the statements given, the pilot program can be implemented as soon as this month. Too cocoaIt is also worth noting that ‘Ground X’ competes with Naver’s Line blockchain platform and SK Group’s SK C&C.
On the other hand, Ground X, which was released in 2018, operates its own programmable blockchain environment, Clayton. Recently, the forum Ethereum (ETH) developer ConsenSys entered into a long-term partnership with
Additionally, Joseph Lubin’s ConsenSys has supported central banks in Australia, Thailand and Singapore in its central bank digital currency research and development initiative.
Project Value: $4.4 million
According to the statement, the total funding of the project is estimated to be $4.4 million, and the first phase of the project will be completed by the end of fourth quarter of 2021. The first phase will typically address research and testing of the key concepts of central bank digital currencies.
On the other hand CBDC The second phase of the program will take place in 2022. The researchers say that a lot of attention will be given to privacy protection issues.
In addition to these, China has released an updated whitepaper of the digital currency. The new whitepaper claims that China will launch its CBDC during the 14th Five-Year Plan period, which ends in 2025.
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