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Korea's Central Bank Finally Chooses Platform for Its CBDC. What Is Kakao's Ground X?

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Tue, 07/20/2021 - 10:58
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Vladislav Sopov
Backed by regional IT mogul Kakao, Ground X blockchain platform is going to facilitate BoK's foray into CBDC
Korea's Central Bank Finally Chooses Platform for Its CBDC. What Is Kakao's Ground X?
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According to local business media outlet The Korea Herald, the Bank of Korea has finally decided on which platform to use for its digital currency experiments.

Kakao's Ground X to host Bank of Korea's CBDC

As per The Korea Herald's article, Ground X, a blockchain-oriented subsidiary of the Kakao Corporation technology conglomerate, has been officially appointed as the technical platform for BoK's CBDC.

The pilot program may be rolled out as soon as this month. Kakao's Ground X competes with Line blockchain platform by Naver and SK C&C by SK Group.

Launched in 2018, Ground X operates its own programmable blockchain environment, Klaytn. Recently, the platform entered a long-term partnership with Ethereum (ETH) developer ConsenSys.

Joseph Lubin's ConsenSys have already supported the central banks of Australia, Thailand and Singapore in their CBDC research and development initiatives.

$4.4 million at stake, first results in 2021

The net sum of project funding is estimated at $4.4 million. Its first stage should be completed in late Q4, 2021. Broadly, it will address the research and testing of central bank digital currencies' basic concepts.

The second phase of the CBDC program will take place in 2022. Researchers will be laser-focused on privacy protection issues.

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As covered by U.Today previously, China has released an updated whitepaper of its E-CNY. Its new thesis claims that the PRC will receive its CBDC during the period of the 14th Five-Year Plan, which ends in 2025.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)