ConsenSys and Kakao to work on Korean CBDC

23 July, 2021
The Korean central bank announced that Ground X will participate in the South Korean CBDC project in cooperation with United States-based blockchain company ConsenSys as well as other Kakao affiliates like KakaoBank and Kakao Pay, according to ConSensys.
Korea’s CBDC experiment will be categorized into two phases, and might last for 10 months. The first phase will start from August to December of 2021, testing basic functionality like creating, issuance and redemption of the digital won as well as secret keys and wallet functionality. In early 2022, a second phase will focus on exploring more advanced attributes like cross border payments, offline payment, and integration with digital asset systems. The second phase will also involve programmable money and privacy-enhancing technologies.
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