Samsung to help Bank of Korea in central bank pilot program for digital currency

Korean tech giant Samsung has decided to participate in the digital currency (CBDC) Central Bank program run by the Bank of Korea. The company will test the feasibility of using these new tools on its Galaxy phone line, specifically decrying the possibility of offline payments among its peers.

Samsung participates in a digital currency pilot project in Korea
Samsung, a Korean tech giant, has agreed to assist the Bank of Korea in a central bank digital currency pilot test that will assess the feasibility of using these tools in the payment industry. The Pilot project began in July and was jointly managed by the Bank of Korea and Ground X, the blockchain arm of Kakao’s messaging platform.

The news was reported by Samsung’s CEO:

Samsung Electronics recently decided to participate in a BOK-led cbdc pilot project, where stakeholders will learn practical aspects of CBDC in a testing environment.

While Bank of Korea Governor Li Zhu yol had a negative view of cryptocurrencies due to volatility in their prices, the bank decided to launch this pilot project to study the value of digital asset instruments to modernize banking structures.

Offline Payments
Samsung’s involvement in the pilot project will include the use of its flagship line of Galaxy phones to make credit transfers and offline payments and monitor the behavior of those transactions. Samsung employee told Korea Times:

Whether it is possible to pay with mobile phones using digital currency without Internet access, or send CBDC transfers to other mobile phones or other connected bank accounts-the two main questions Samsung is looking for.

Many central banks around the world are now starting to implement central bank digital currencies more often and more often, as well as specialized alternatives such as stable coins and fintech.

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