Samsung and Bank of Korea Join Forces on CBDC
Samsung Electronics and South Korea’s central bank, the Bank of Korea (BOK), have pledged to collaborate on research concerning Central Bank Digital Currencies (CBDCs), a digital monetary form that’s gaining traction worldwide.
On this page
This commitment to furthering CBDC study and enhancing offline payment systems was solidified through a formal memorandum of understanding. This partnership builds on Samsung's previous involvement in a BOK-led pilot project, which explored the potential of near-field communication technology for facilitating offline CBDC transactions.
The primary aim of the collaboration is to bolster the security of offline payments conducted through Samsung's range of devices and to create dependable payment methods during situations where internet connectivity is compromised.
Samsung Electronics' Vice President, Won-joon Choi, regarding this partnership, proclaimed, “We foresee this collaborative effort between our two organizations will significantly advance the evolution of global offline CBDC technology.”
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
