Samsung Electronics is reportedly going to be a part of South Korea’s central bank digital currency (CBDC) pilot project.
- According to a report on Thursday by The Korea Times, Samsung will participate in the Bank of Korea’s (BOK) pilot with a focus on remittances.
- 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 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 with the first phase to run from this month until December and will determine the specific technology required. The second phase, to run from January-June 2022, will focus on real-life transactions and settlements
- BOK began calling for firms to compete for a shot at developing its CBDC in July. That was eventually granted to GroundX, a blockchain subsidiary of South Korea-based internet giant Kakao.
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