Samsung joins South Korean pilot to test CBDC on Galaxy smartphone

Samsung Electronics will participate in the Bank of Korea’s central bank’s digital currency pilot program to test the practicalities of sending digital currency remittances without internet access, according to a report by the Bank of Korea. Korea weather.

Fast facts

  • An anonymous source familiar with the issue told the Korea Times, ‚ÄúSamsung Electronics recently decided to participate in the CBDC pilot project led by BOK, where interested parties will research the practicalities of CBDC in a test environment. “
  • According to the report, bank and Samsung officials aim to explore the potential of a CBDC to create more efficient and advanced payment systems and improve financial inclusion – by overseeing testing in a virtual environment. Samsung plans to test the usability of blockchain-based payment systems on its Galaxy smartphone.
  • Specifically, Samsung will focus its efforts on testing whether it is “possible to make payments through mobile phones using digital currency without internet access, or to send CBDC funds to other mobile phones or to other connected bank accounts “, according to an anonymous. official cited in the report.
  • The central bank launched the first phase of its CBDC pilot program on July 28. It will run until December, with the aim of determining the required technology. The second and final phase will begin in January 2022 and run through June, and will test the applicability of the CBDC in expanding central bank practices, offline payments, digital asset purchases and more. . The CBDC pilot program is co-managed by Ground X, a blockchain subsidiary of the Kakao messaging platform.

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