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.
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 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."
