EY, Samsung SDS & Naver-Line Consortium Bids to Test South Korean CBDC 101
Supply: Adobe/chanchai

There was combined information for the central Financial institution of Korea (BOK) because it prepares to launch its first pilot for the digital received.

The financial institution continues to be but to make an official determination on whether or not it’ll truly launch the central financial institution digital forex (CBDC) or not, however lately claimed that it could deliberate on the matter as soon as the pilot is full.

Per ZDNet Korea, a consortium has already expressed its willingness to participate within the venture. Led by consulting EY’s South Korea operation EY Hanyoung, the group additionally includes Samsung’s blockchain know-how and IT providers arm Samsung SDS, in addition to Naver-Line. The latter is the net big Naver – the South Korean reply to Google – and its crypto-keen chat app affiliate Line, which additionally introduced this week that it’s in talks with an unnamed Asian nation about CBDC issuance.

Nevertheless, the BOK had hoped different corporations would additionally come ahead and participate in a bidding course of. The deadline for purposes to participate within the pilot was initially set for October 19. Nevertheless, the BOK has since prolonged this deadline to October 29 after no extra corporations apart from the EY-led consortium submitted official purposes.

If no different bidders strategy the BOK earlier than this date, solely the EY-led proposal can be thought-about.

The EY consortium would see the guide act in a administration function, with Samsung SDS and Naver-Line accountable for the system structure.

A finances of USD 70,000 has been put aside for the venture, which can be carried out in 2021.

Nevertheless, it seems that the BOK might have set the bar prohibitively excessive with its bidding necessities.

ZDNet Korea quoted an unnamed trade insider as confirming that “there are numerous corporations who wish to participate in testing, however few are certified sufficient to take action.”

The supply added that “designing a CBDC enterprise mannequin” is among the BOK’s necessities – a activity that seems to be past many corporations who really feel better-equipped to deal with extra sensible CBDC issuance-related issues.

Study extra:
South Korean Central Financial institution Turns to Non-public Sector for CBDC Assist
South Korean Central Financial institution to Launch CBDC Pilot in 2021
South Korean MP Calls on Seoul to ‘Urgently’ Increase Crypto Innovation


By Alex

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