Today the Bank of Korea (BOK) released a request for bids inviting firms to pitch to become the technology provider for a central bank digital currency (CBDC) based on distributed ledger technology (DLT) and shared quite a few details.
BOK had previously announced trials for a digital won, and multiple Korean firms have been lobbying to participate. For example, it has been reported that BOK had CBDC discussions with the Klaytn public permissioned blockchain and Hyundai HDAC about digital currency custody.
In conjunction with LG CNS, South Korea’s Shinhan Bank completed a CBDC demo which was not commissioned. Subsequently, the bank became a member of Hedera Hashgraph’s governing council. The latter shares a similar governance structure to Klaytn, in that a limited number of approved large firms can write to the ledger. It also features low cost transactions.
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