Han Eun discusses CBDC with Clayton-Paxnet News

[팍스넷뉴스 원재연 기자] The Bank of Korea is in discussions with private blockchain companies for the issuance and distribution of CBDC (Central Bank Digital Currency). In particular, it was confirmed that discussions with Ground X, a blockchain affiliate of Kakao, were held in the CBDC distribution sector.

According to related industries on the 19th, the Bank of Korea has recently conducted interviews with private blockchain companies to establish CBDC. Earlier, the BOK launched a digital currency research team within the Financial Settlement Bureau in February and completed the CBDC design and requirements definition and implementation technology review, which is the first stage of the CBDC research promotion plan. In July, it formed legal advisory groups in the IT and financial sectors and is reviewing legal issues related to CBDC and matters necessary for enactment and amendment of laws. Regarding the distribution of CBDC, it is reported that they have coordinated their opinions with Ground X, a Kakao affiliate, who built the blockchain platform Klaytn.

An industry official familiar with Ground X said, “Private blockchain companies such as Ground X are in the process of coordinating initial opinions with the Bank of Korea.” “Ground X’s blockchain platform Clayton is a Kakao affiliate that is used by the most people in Korea. As a service, we are proposing a plan to distribute CBDC based on this.”

The CBDC issued by the BOK is scheduled to begin pilot testing in 2021, and the BOK is in charge of issuance and redemption, and distribution and customer verification (KYC) is operated in a public-private partnership with the private sector. In addition, CBDC is expected to be designed to be used by all private entities for micropayment. In this process, the BOK believes that Ground X will be able to contribute to the private sector distribution of CBDC by utilizing the capabilities of its parent company Kakao. Kakao Pay, a simple payment service provided by Kakao, exceeded the cumulative number of subscribers of 30 million, and the transaction amount in the first half of this year was 29.1 trillion won, an increase of 40% compared to last year, and is expanding its market share. In addition to its own CBDC app that the BOK will release, this is why there is a prospect that the capabilities of Kakao and Kakao Pay can help popularization in the private sector.

Another industry insider said, “If we join hands with Kakao, who has already secured a large number of users through national messengers and strengthens its capabilities as a pay company, the BOK will also be able to facilitate CBDC distribution.”

An official from the BOK said, “In order to obtain relevant information, we have conducted an interview on Kakao’s technology and current business. It has not been decided which platform to use, and it will be selected when building a demonstration project next year after private consulting proceeds.” I said this.

At the same time, from the end of this month as early as the end of this month, the BOK’s second-stage plan,’CBDC work process analysis and external consulting,’ will be conducted. The open tender was held for private companies until the 19th.

Projects to be carried out by private companies are consulting for the establishment of the CBDC pilot system, which will be carried out in 2021. ▲Project management ▲Project support such as quality management and maintenance.

A BOK official said, “As soon as we receive proposals from private companies and contractors are selected, the business will start in late October and late November, and consulting will be conducted for 4 months based on this.” You will receive consulting,” he explained.

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