The project, led by the Bank of Korea (BOK), will allow the Central Bank to create a pilot platform for the digital currency (CBDC). Samsung is testing the viability of CBDC on its Galaxy phones.
Side on board with CBDC
Using Ground X’s blockchain platform Klaytn as the main platform for the Cbdc structure, bok launched the cbdc project on July 28. With central banks around the world opening up opportunities for CBDC, Bock Governor Lee Ju-Youl seems to have overcome his doubts about digital currencies and embraced Bock’s upcoming CBDC. In October, the popularity of stable coins also prompted central banks to launch their own versions of digital currencies. While the governor is curious about the role of CBDC in the modernization of financial systems, BOK plans to implement CBDC performance modeling programs in two phases.
Samsung Joins Team
Recently, Samsung Electronics decided to participate in a project in which it was reported that all parties involved would learn the practical capabilities of the CBDC in a test environment. Moreover, since Samsung is interested in testing the possible use of blockchain-based systems in the Galaxy mobile device range, the company will be able to achieve this with the cbdc project.
BOK and Samsung representatives are exploring the benefits of CBDC, particularly to improve the efficiency and inclusiveness of payment systems. According to an anonymous source who is aware,
“The cocoa Consortium and Samsung Group’s two technology branches will launch a pilot program aimed at monitoring remittances and transfers between countries, decommissioning and distributing CBDC and eventually monitoring how it works in virtual environments.& quot;
Samsung tests CBDC functionality on Galaxy
Dollar is focused on fine-tuning its pay-to-pay processes, while Samsung plans to test CBDC functionality with a Galaxy smartphone. They want to be deterministic
