Samsung Explores South Korea’s CBDC for Offline Payments
Samsung Electronics and the Bank of Korea are conducting a joint study to develop innovative technologies for secure offline payments using South Korea’s central bank digital currency (CBDC).
The Bank of Korea (BOK) and Samsung Electronics signed a memorandum of understanding (MOU) to explore ways to use the CBDC for offline payments and offline remittances. This was reported by the local media.
According to Won-Joon Choi, Vice President of Samsung Electronics, the company looks forward to applying its high-tech expertise in security to contribute to the development of global projects related to offline CBDC payments. In particular, offline transfers will be tested with the help of NFC chips on Samsung mobile devices.
According to the company’s blog, Samsung upgraded the certification of its equipment to the sixth level of security in line with international evaluation criteria specifically for cooperation with the BOK. Overall, the international standards include seven levels of functional security requirements.
South Korea’s chaebol Samsung Group actively invests in various blockchain projects, pouring $979 million into the sector during the year. For its part, the South Korean government is working to speed up the drafting of legislation related to digital assets and developing a crypto tracking system to monitor digital assets.