Using its Galaxy smartphone, Samsung intends to evaluate the bank’s digital currency pilot’s functioning.
Samsung, Member of CBDC Project
As reported by Bloomberg, Samsung Electronics will be a member of South Korea’s central bank digital currency pilot project (CBDC).
The Korea Times reported on Thursday that Samsung would join the Bank of Korea’s (BOK) remittance pilot programme.
To test BOK’s CBDC pilot, Samsung plans to use its Galaxy smartphone.
Samsung Careful About Mobile Payments
Samsung wants to know if it’s feasible to “conduct payments via mobile phones using the digital currency with no internet availability,” according to a storey citing an anonymous source.
They will also examine emittances from the CBDC to other mobile phones or other linked bank accounts.
The CEO explained that the trial involves “issuing and distributing the CBDC and monitoring how that eventually works in virtual environments.”
Phases of CBDC Pilot Project
Additionally, two phases of BOK’s CBDC pilot will identify the specific technologies necessary the first phase will run from this month through December. As of January-June 2022, the second phase will focus on actual transactions and settlements.
BOK began soliciting bids for the CBDC in July, inviting companies to submit proposals. GroundX, a blockchain subsidiary of South Korean internet giant Kakao, was finally allowed access to the blockchain.