Naver Participates in Bank of Korea Digital Currency Pilot Project

[Asia Economy Reporter Kang Nahum] Naver is participating in the Bank of Korea's 'Central Bank Digital Currency (CBDC)' project.

A Naver official stated in a phone call on the 13th, "The Bank of Korea plans to announce a CBDC pilot test, and we are preparing to participate in it." The Bank of Korea has already announced that the pilot test will be conducted from next month until January of next year. The pilot test will be conducted in a virtual environment where CBDC is circulated.

It is known that Naver Financial and Line Plus will form a related task force (TF) to participate in this pilot test project. Line possesses related technology, having participated last year in the Bank of Korea's 'CBDC Pilot System Consulting Service Project' conducted for research purposes, and Naver Financial has expertise in domestic payment environments such as Naver Pay.

The main focus of this CBDC pilot test is expected to be the utility and stability of the CBDC. Previously, the Bank of Korea completed research on CBDC, implementation technology, and business process analysis, and now plans this pilot test to verify system performance in a virtual, limited environment.

Kakao's blockchain affiliate Ground X and LG CNS are also reportedly considering participation in this project. The Bank of Korea plans to establish specific criteria for selecting participating companies and announce the project within this month.