Samsung Electronics is reportedly going to be a part of South Korea’s central bank digital currency (CBDC) pilot project.
- Samsung will participate in the Bank of Korea's (BOK) pilot program with a focus on remittances, according to a report by The Korea Times on Thursday.
- The electronics giant plans to test the functionality of BOK's CBDC pilot with its Galaxy smartphone.
- Specifically, Samsung wants to know whether it is possible to "conduct payments via mobile phones using the digital currency with no internet availability," according to an unnamed source, cited in the report.
- CBDC remittances to other mobile phones or other connected bank accounts will also be tested.
- The pilot program consists of "issuing and distributing the CBDC and monitoring how that eventually works in virtual environments," the executive said.
- BOK's CBDC pilot will be tested in two phases. The first phase, which runs from this month until December, will determine the technology required. The second phase, which will run from January until June of next year, will focus on real-life transactions and settlements
- BOK began calling for firms to compete for a shot at developing its CBDC in July. The contract was eventually granted to GroundX, a blockchain subsidiary of South Korea-based internet giant Kakao.
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