Bank of Korea to collaborate with Samsung Electronics on researching offline payments for Central Bank Digital Currency (CBDC)

The Bank of Korea and Samsung Electronics recently announced a collaboration to research Central Bank Digital Currency (CBDC), which is a digital currency issued directly by a central bank using blockchain or distributed ledger technology. With major governments worldwide increasingly exploring the concept of CBDC, this collaboration marks an important milestone.

The Bank of Korea (BOK) and Samsung Electronics recently announced their collaboration to research Central Bank Digital Currency (CBDC), a digital currency issued directly by a central bank using blockchain or distributed ledger technology. With major governments globally shifting towards the concept of CBDC, this collaboration marks a significant milestone.

Understanding the U.S. stance on CBDC: The U.S. House of Representatives releases a stablecoin bill draft, urging research on CBDC.

The memorandum signing ceremony took place at Samsung Digital City, where Samsung Electronics and the Bank of Korea (BOK) agreed to continue joint research on CBDC and collaborate in the offline payment sector. This implies that in the future, users of Samsung phones and smartwatches may be able to make payments without an internet connection, ensuring the security of transactions.

This is not Samsung's first involvement in CBDC research. Previously, they participated in the Bank of Korea's digital asset pilot study, aiming to facilitate transfers and payments between devices using near field communication (NFC) technology.

One of the goals of this collaboration is to reduce security risks during offline payments, ensuring that users can still make payments in disaster situations without internet connectivity. This will make the application of central bank digital currencies more flexible and reliable.

This collaboration has garnered widespread attention as countries worldwide explore the concept of central bank digital currencies. It signifies the joint efforts of the Bank of Korea and Samsung Electronics in the digital currency field, bringing new opportunities and challenges for the future of financial payment methods.

Understanding Samsung's open attitude towards cryptocurrencies: Samsung Bitcoin futures ETF listed on the Hong Kong Stock Exchange, Samsung official: Considering launching Bitcoin spot ETF in Hong Kong

Understanding countries' plans for cryptocurrencies: Global competition in CBDCs, EU Commissioner states: Global regulation may be necessary