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Digital Won

Cancelled

South Korea

Central Bank(s)

Bank of Korea

Announcement Year

2020

Status

Cancelled

Retail/Wholesale

Retail

Technology Provider

GroundX, Samsung Electronics, KPMG, Kakao Bank, Kakao Pay, S-core (digital transformation consultants), Kona I (prepaid cards), Dream Security (authentication), Zkrypto (zero knowledge proofs), OnTher (layer 2 scaling) and NGLE (software testing)

DLT / non-DLT

DLT

Description

The Bank of Korea completed the second phase of its retail central bank digital currency (CBDC) simulations in late June and today shared the results. While it was happy with some aspects of its digital won simulations, such as using CBDC for offline payments and cross border remittances, the central bank highlighted performance issues with the blockchain technology.

Link to announcement

it.chosun.com
Timeline

Last update: November 2023

November 2023

Status updated

Pilot Cancelled

July 2023

Updated data

Link to announcement: www.bok.or.kr

Status updated

Proof of concept Pilot

Updated data

Link to announcement: it.chosun.com

November 2022

Status updated

None Proof of concept

Added data

Announcement Year: 2020

Retail/Wholesale: Retail

Technology Provider: GroundX, Samsung Electronics, KPMG, Kakao Bank, Kakao Pay, S-core (digital transformation consultants), Kona I (prepaid cards), Dream Security (authentication), Zkrypto (zero knowledge proofs), OnTher (layer 2 scaling) and NGLE (software testing)

Description: The Bank of Korea completed the second phase of its retail central bank digital currency (CBDC) simulations in late June and today shared the results. While it was happy with some aspects of its digital won simulations, such as using CBDC for offline payments and cross border remittances, the central bank highlighted performance issues with the blockchain technology.

DLT / non-DLT: DLT

Link to announcement: www.ledgerinsights.com

Country / Region: South Korea

Central Bank(s): Bank of Korea

News