South Korean Nonghyup Bank completed the CBDC simulation test, and its blockchain platform integrates Ethereum and Hyperledger technologies

[Nonghyup Bank of Korea completed the CBDC simulation test, and its blockchain platform integrates Ethereum and Hyperledger technology] On August 17th, the Korean Nonghyup Bank announced that it has completed the central bank digital currency (CBDC) simulation test and plans to use it before the end of the year. The built blockchain platform verifies various digital asset-related business models, such as NFT, Stablecoin (Nonghyup Bank Digital Currency, NHDC) and multi-asset e-wallets.

The report pointed out that the blockchain platform established by Nonghyup Bank combines Ethereum and Hyperledger technologies to ensure the scalability and flexibility of blockchain technology. (Yonhap News Agency)

Other news:

Bank of Korea Announces Kakao Blockchain Subsidiary Ground X to Be Preferred Bidder for Partner in Digital Currency Development Pilot Project: The Bank of Korea announced on Tuesday that Ground X, the blockchain subsidiary of tech giant Kakao Corp., will be its digital currency Preferred bidders for development pilot project partners. (Korea Herald)

According to previous news, the Bank of Korea announced on the 12th that the bidding application for the CBDC simulation research project was closed, and a total of 3 companies submitted applications, namely Ground X, Line Plus and SK Holdings. The Bank of Korea will select one of these companies through a technical assessment of the companies before starting the study next month. The simulation is divided into two phases, the first phase focuses on creating a simulated environment and checking the basic functions of CBDC, and the second phase mainly focuses on the extended functions and privacy issues of using CBDC. The research project has a budget of 4.96 billion won (approximately 4.3 million U.S. dollars) and a 10-month cycle that will last until June next year. (Yonhap News Agency) [2021/7/20 1:05:13]

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