Datagen and Blue River Bank issues digital currencies (CBDC) in the Republic of Vanuatu


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[Jihye Han – Blockchain Today] Datagen Co., Ltd. (president: Seonmuk Lim), a domestic blockchain platform that provides commercial services specialized for blockchain, is working with BlueriverBank (president: Myeongsuk Jang) to establish a digital asset bank in the Republic of Vanuatu.

Datagen announced on the 23rd that it will go ahead with the “K-PAP Project” to establish the world’s first digital asset bank, including the issuance of CBDC, together with BlueriverBank and the government of the Republic of Vanuatu.

The K-PAP Team said that they “plan to expand various digital asset services and decentralized (Defi) financial services through the establishment of a global asset custody platform and a global financial network.”

Datagen developed the first blockchain mainnet in Korea in May 2018. In addition, Datagen commercialized ‘GenService’ and ‘GenPay’, a mobile payment platform, and has a number of blockchain-related patents.

Datagen CEO Seonmuk Lee said that he will “carry out the K-PAP project with our unrivaled technology and do our best to become a leading example in the flow of the global CBCD proliferation.”

CEO Myeongsuk Jang of Blueriverbank, a company specializing in the management of capital, personal asset management and actual asset storage management said “currently more than 80% of central banks in 66 countries around the world are entering the field of CBCD research and it is now becoming very heated” and stated that “we will make this K-PAP project a success together with Datagen, a leader in blockchain, and proactively contribute to the establishment of a stable trading order in the Korean digital asset market.”

The Republic of Vanuatu (diplomatic relations established with South Korea in 1980) participating as the main body of the K-PAP Project is known as one of the best-known paradise in the South Pacific (ranked top in the World Happiness Index and ranked top in the most desired travel destination) and the headquarters of global digital asset companies are concentrated there.

Based on this, there is a lot of expectation on whether the country can leap to the center of the global digital asset economy through the issuance of CBDC.

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