Bank of Korea(BOK) met up with about 20 domestic and foreign tech companies to discuss CBDC. The bidding notification to conduct CBDC pilot system consulting project has been extended until the 29th of October.

An official from the BOK said, “purpose of the meetings were to hear stories about what technology each company has related to distributed ledgers; it was not related with CBDC pilot system development project.”

BOK has posted a bid for ‘CBDC pilot system consulting’ through the National Public Procurement Service’s National Comprehensive Electronic Procurement System, Nara Market has been postponed until the 29th of October.

There was only one applicant, Earnst and Young Hanyoung consortium(E.Y. Hanyoung, Samsung SDS, Naver Line). An official from the BOK said, “we plan to conduct technology evaluation for the EY Hanyoung consortium. To be selected for the project, it needs to score over 85 out of 100, or it will fail.”

Currently, BOK has established the ‘CBDC Research Promotion Plan’ in three stages. In July, it completed the first stage of ‘CBDC-based work(design and requirements definition and implementation technology review).’ Until December, the second stage, ‘CBDC business process analysis and external consulting’ will be processed. Staring for January to December of 2021, based on the consulting results, the third stage, ‘CBDC pilot system development and testing’ will begin.

In the CBDC pilot system, the CBDC issuance and redemption part is planned to be operated by the BOK, and the distribution part will be operated in a collaborative manner by private institutions. The CBDC ledger, which records the status of CBDC holdings and transaction details, will be managed with distributed ledger technology.

The consulting firm selected by the Bank of Korea should perform ▲ CBDC business process design ▲ CBDC pilot system architecture design ▲ CBDC pilot system execution plan establishment.

Translated by Young Hwang