On July 28 the Bank of Korea (BOK) finalized its contract with Ground X, the blockchain subsidiary of mobile platform Kakao, for its central bank digital currency (CBDC) pilot test.
Ground X was one of three competing firms in the bidding process, alongside Line Plus and SK C&C.
Ground X has formed a consortium to conduct R&D work on the pilot. The consortium includes the likes of blockchain software developer ConsenSys, consulting firm Samjong KPMG, and Onther, developer of the layer 2 platform Tokamak Network. Onther will focus on scalability and maximizing the network's transaction-per-second (TPS) capacity.
Ground X and the BOK are expected to begin R&D work on the CBDC pilot on Aug. 23.
The BOK has stated, however, that the pilot test’s main purpose is research and that it does not guarantee CBDC adoption.
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