Bank of Korea Chooses Ground X as Supplier for CBDC Pilot: Report

South Korea's central bank has picked a blockchain subsidiary of internet giant Kakao.

AccessTimeIconJul 20, 2021 at 12:12 p.m. UTC
Updated Sep 14, 2021 at 1:27 p.m. UTC

The Bank of Korea (BOK) has chosen its preferred supplier to build a pilot platform for its central bank digital currency (CBDC) pilot.

  • South Korea's central bank has picked Ground X, a blockchain subsidiary of South Korea-based internet giant Kakao, the Korea Herald reported Tuesday.
  • The deal is planned to be closed by the end of July with the pilot program commencing next month.
  • It was reported in May that the BOK was seeking a technology supplier through an open bidding process, with the plan for simulations researching the practicalities of a CBDC involving banks and retailers to run from August to December.
  • The BOK has said the pilot program was allocated for 4.9 billion won ($4.4 million), according to the Korea Herald's report.
  • Ground X launched its own blockchain Klaytn in 2018, on which it stores and verifies unlisted investments as non-fungible tokens as of February this year.
  • Seoul-based Shinhan bank announced in March it had built a blockchain-based platform for a potential South Korean CBDC. Shinhan last month joined Klaytn's governance council to partake in the platform’s blockchain operation and develop a number of Klaytn-based digital services for South Korea’s fintech ecosystem.
  • The central banks of almost all major economies have shown an interest in investigating or developing a CBDC in recent years, with China's digital yuan (or E-CNY) the closest to fruition. Along with Sweden, South Korea appears to be leading the pack in China's wake.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown