Samsung and Bank of Korea Partner for In-Depth Offline CBDC Payments Research

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Samsung Electronics and the Bank of Korea have inked a partnership to research Central Bank Digital Currency (CBDC) technology that could facilitate offline transactions. 

On Monday, the two companies signed a memorandum of understanding at Samsung’s headquarters south of Seoul, according to a report by The Korea Herald. 

The collaboration aims to eliminate the reliance on the internet and introduce a new phase of smooth offline transactions.

Furthermore, the two parties will conduct collaborative research with the objective of promoting the formation of a CBDC system and increasing the functionality of virtual money. 

Samsung Electronics participated in the Bank of Korea’s two-part mock testing of CBDC last year. 

The electronics giant helped develop an offline CBDC technology that makes transactions and payments between mobile devices via near-field communication without an online connection using Samsung’s security chip, the embedded Secure Element.

Going forward,…

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