Samsung Electronics has decided to participate in a project being pursued by the Bank of Korea (BOK) to build a pilot platform for a central bank digital currency (CBDC), according to Korea Times.
The BOK began the CBDC pilot program July 28, co-managed by Ground X, a blockchain affiliate of messenger platform giant, Kakao.
„Samsung Electronics has recently decided to participate in the BOK-led CBDC pilot project, under which interested parties will research the practicalities of the CBDC in a test environment,” an executive familiar with the issue said Wednesday.
BOK and Samsung officials said the project was based on the benefits of a CBDC that include more efficient and advanced payments systems and financial inclusion. Samsung is hoping to test the possible usability of blockchain-based systems on its Galaxy mobile lineup.
„Specifically, the Kakao consortium and Samsung Group’s two tech affiliates will launch a pilot program aimed at checking on money transfers and remittances between countries, issuing and distributing the CBDC and monitoring how that eventually works in virtual environments,” the executive said.
Because the BOK’s efforts are aimed at preparing for adjustments in the payment settlement system, Samsung Electronics plans to test the functionality of the digital currency with its Galaxy smartphone.
„Will it be possible to conduct payments via mobile phones using the digital currency with no internet availability, or to send CBDC remittances to other mobile phones or to other connected bank accounts, are the two core points that Samsung is looking at,” said an official.
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