Today the Bank of Korea confirmed that it completed its first digital won simulation in late December 2021. The second phase of the central bank digital currency (CBDC) simulations will finish on 22 June 2022.
Last July, the central bank selected Ground X as its technology partner for its CBDC simulations. The company is a subsidiary of Korea’s largest social network Kakao. It previously founded the Klaytn public permissioned blockchain and partnered with ConsenSys to create the permissioned blockchain used in the CBDC simulations.
The second phase of the CBDC trials explores several sets of functionality:
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