Samsung Electronics will cooperate with the Bank of Korea to study CBDC offline payment
Research into a central bank digital currency is underway, with South Korea's central bank teaming up with Samsung Electronics to test the potential for remittances and payments on its mobile devices.
Tech giant Samsung Electronics has teamed up with South Korea's central bank to conduct a research on the central bank digital currency (CBDC) for offline payments. The latest collaboration aims to test the potential of a South Korean CBDC for remittances and payments using NFC on Samsung mobile devices rather than the internet.
It is reported that Samsung is also involved in the Bank of Korea’s 10-month second-phase CBDC simulation experiment research work, which involves retail CBDC. The first phase of the Bank of Korea’s CBDC research tests basic functions such as issuance, distribution, and redemption of CBDC.
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