Busan to Merge Blockchain and Coffee through Smart Logistics Platform

Bank of Korea Anticipated to Conduct Retail CBDC Pilot TestThe Bank of Korea (BOK), the South Korean central bank, is reportedly planning to conduct a pilot test for distributing retail central bank digital currencies (CBDCs) to the general public via commercial banks, according to a report by local news outlet IT Chosun.Photo by Zequn Gui on UnsplashBOK’s CBDC initiativesIn 2020, the BOK initiated a pilot test for CBDC issuance, establishing a platform for both online and offline payments. Last month, the BOK announced the successful completion of a CBDC simulation to ensure connectivity with commercial banks.A representative from a commercial bank stated that the BOK would recruit banks next month for a retail CBDC experiment. The pilot test for this retail CBDC is projected to take place next year.Wholesale and retailThe upcoming CBDC pilot test aims to cater to the retail needs of ordinary citizens. There are two types of CBDCs: wholesale CBDCs, which facilitate payments between financial institutions, and retail CBDCs, which are accessible to all economic entities, including the general public.The successful execution of the retail CBDC pilot test requires close collaboration between the BOK and commercial banks. A banking official highlighted that while the BOK can outline the distribution framework for wholesale CBDCs, it may not be the most suitable entity to design the intricate distribution scheme for retail CBDCs.Last year, 15 financial institutions, including five commercial banks (KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NongHyup Bank), participated in an inter-institutional CBDC linkage experiment with the BOK. The BOK is expected to select banks from among these participants to design the distribution structure of retail CBDCs and proceed with a pilot test.Speculative timelineAn official from a commercial bank that took part in the BOK’s prior experiment said that the Korean central bank has recently maintained close communication with commercial banks and successfully completed the infrastructure linkage test for CBDCs. The official also mentioned that the retail CBDC test is expected to see its completion this year, potentially enabling the commencement of retail CBDC implementations in the private sector next year.However, a BOK official expressed a more cautious stance. The official stated that the BOK has recently expanded its digital currency research team and plans to conduct further research in the future. Specific timelines and plans for the retail CBDC test could not be disclosed at this time.Other countriesDifferent countries have adopted varying approaches to CBDC research and implementation, depending on their economic conditions. Developing nations have been promoting CBDC issuance to facilitate financial inclusion, while developed countries have prioritized the stability of their financial systems.However, as cash payments decline and private digital currencies continue to proliferate, developed countries are also turning their attention to retail CBDCs. For instance, the Bank of England collaborated with the Bank for International Settlements (BIS) to establish and experiment with retail CBDC prototype infrastructure. Similarly, the European Union (EU) has released draft legislation to introduce the digital euro as a legal tender within the Eurozone.

South Korea Launches Blockchain Project to Streamline Public ServicesThe South Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) have launched the 2023 blockchain application project to bolster the domestic industry and adapt to the rapidly evolving global blockchain landscape.Photo by Ping Onganankun on Unsplash$1.6 million projectAs part of the Korean government’s broader strategy to promote the blockchain industry, the project has received a budget of approximately 20.7 billion KRW ($1.6 million). The project participants are focused on exploring blockchain-based services that offer convenience to the public and have the potential to penetrate the global market. The digitization of drivers’ licenses is such a service that has been developed and has simplified the lives of Korean citizens.The project encompasses both the public and private sectors, each undertaking six programs. The public sector programs aim to explore blockchain-based services that the government can provide, while the private sector programs are dedicated to supporting the commercialization of business prototypes developed by companies.Public sector programsThe six public sector programs are the implementation of digital badges for national licenses, the development of an online voting system for residents, the establishment of a remote pension eligibility check system, the enhancement of the electronic authentication system, the streamlining of drone operation applications, and the creation of a performance tracking platform for athletes.For instance, the implementation of digital badges for national licenses will greatly streamline the process for individuals who need to present their licenses to relevant organizations as a means of verifying their credentials. Presently, license holders are required to physically visit issuers or navigate their websites to gather the necessary documentation. However, the introduction of this new technology eliminates the need for this cumbersome process.Private sector programsMeanwhile, the private sector programs focus on developing the following six platforms: the battery life authentication system for electric vehicles (EVs), the oil waste trading platform, the non-fungible token (NFT) issuer for digital identity authentication, the NFT concert ticket system, the fractional investment platform for power plants, and the corporate management planner for environmental, social, and governance (ESG) initiatives.For example, the introduction of a blockchain-based certificate system to assess the remaining life of EV batteries holds significant implications for both car insurance and the trading of used cars. Currently, the lack of comprehensive data to evaluate the exact value of EV batteries poses challenges to the efficient trade of both used cars and batteries. Establishing this certificate platform will not only promote battery recycling but also positively impact the industry as a whole.

MARBLEX Introduces New Update to Multichain ServiceSouth Korean gaming developer Netmarble announced last Friday that its blockchain subsidiary, MARBLEX, has updated its multichain service Warp.Photo by Shubham Dhage on UnsplashCross-chain accessibilityWarp is a bridge service that enables the exchange between its native token, MARBLEX (MBX), and bridge token, MBXL, while allowing MBX tokens to move across blockchain networks. With this update, BNB Chain users can now access services within the MBX ecosystem, including games and NFTs. The recent update is expected to attract an influx of BNB Chain users after MARBLEX previously entered into a strategic partnership with the network in February to expand its multichain ecosystem.Furthermore, MARBLEX intends to continue applying its convenient user-friendly service approach by maintaining its existing system for gas fee payments.Celebratory eventsMARBLEX is hosting special events worth a total of $240,000 to mark the new update, including an offering of liquidity pools in two forms — BNB-MBX pairs and USDT-MBX pairs — on the decentralized exchange PancakeSwap. The company also plans to reward MBX for staking in Syrup Pools within PancakeSwap, which are special staking processes where users can earn free tokens.The developer also plans to hold an online community event for service users.