【Ledger Insights】Bank of Korea selects provider for CBDC blockchain simulations

【Ledger Insights】Bank of Korea selects provider for CBDC blockchain simulations

Today, Ground X, the company behind the Klaytn public blockchain, was announced as the winner of the Bank of Korea's Central Bank Digital Currency (CBDC) bid.

In terms of technology, the Klaytn blockchain created by Ground X is derived from Ethereum. And recently, Ground X has partnered with Ethereum developer ConsenSys to build a private blockchain for the CBDC project.

The first phase involves the creation, issuance, and redemption of digital currency.

If everything goes well in the first phase, the second phase will include cross-border remittances, offline payments, and regulatory compliance.

And finally, integration with digital asset purchasing systems, including not only securities, but also artwork and other intellectual property.