How Samsung Will Help The Bank Of Korea With CBDC Development

Started by the end of July 2021, the Bank Of Korea central bank digital currency (CBDC) project has been gaining traction. Per a report by the Korea Times, the project will be aided by electronics company Samsung. The company and the financial institution will build the platform that will support the CBDC. In addition to Samsung, the Bank of Korea has brought in other partners from the private sector, such as Ground X, a blockchain-based division from another company called Kakao. The Times cited a source on an executive position to support its claims: 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. Representatives from Samsung and the Bank of Korea have spoken about the benefits of CBDCs and their potential to improve the country’s payment system. The Times claims that Samsung and the Bank of Korea will test the “usability” of blockchain systems on the Galaxy mobile. 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. Samsung To Test CBDC Functionality With Its Smartphones? The sources quoted by the report said the project will have two main focuses on the Samsu...