Thursday, September 16, 2021
Home Crypto News Market South Korea Plans To Test Its Central Bank Digital Currency (CBDC) On...

South Korea Plans To Test Its Central Bank Digital Currency (CBDC) On Samsung Galaxy Phones

- Advertisement -

The South Korean central bank is piloting a digital currency in partnership with Samsung, a multinational South Korean company.


Recently Bank of Korea announced that it would make an offer to select its technological supplier for the central bank digital currency (CBDC).

Ground X, whose Klaytn platform hosts the CBDC, won the contract despite stiff competition.

An anonymous bank executive stated that the South Korea CBDC pilot program aims to determine whether it is possible to make payments using mobile phones with digital currency, but without internet access. Also, whether CBDC remittances can be sent to other mobile phone or connected bank accounts will be tested.

He further said:

“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,”




The Bank of Korea’s CBDC pilot program was launched on June 28 this year, these digital payments will be tested using Galaxy mobile phones.

Crypto News Feed

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

El Salvador Chivo Bitcoin Wallet Has Surpassed 500,000 Users

local news reports El Salvador's Chivo bitcoin wallet has already surpassed 500,000 users. window.coinzilla_display = window.coinzilla_display...

Amasa Announces Dual IDO on Trustpad and Chainboost on September 28

Sydney, Australia, 16th September, 2021, Amasa will collaborate with Genesis Shards for a pre-IDO NFT release on September 23. Amasa is thrilled to announce its...

Coinbase Filled An Application with National Futures Association (NFA) To Start Offering Crypto Futures Trading

The cryptocurrency exchange Coinbase is now venturing into cryptocurrency derivatives. window.coinzilla_display = window.coinzilla_display || ; ...

Time Magazine Named Ethereum Co-Founder, Vitalik Buterin As One Of The Most Influential People Of 2021

Time magazine named Ethereum co-founder, Vitalik Buterin as one of the most influential people this year, along with musicians, world leaders, activists and others.

AMC, The Biggest Cinema Chain Worldwide With 1004 Theaters, 11,041 Screens To Start Accepting Ethereum, Bitcoin Cash And Litecoin

AMC CEO, Adam Aron has taken to Twitter to announce that the largest US theater chain will begin accepting Ethereum, Litecoin, and Bitcoin Cash...

TRON And BitTorrent Launch BTTC

San Francisco, California, 15th September, 2021, TRON, one of the world's largest and most popular blockchain-based operating systems, and BitTorrent, the leader in peer-to-peer...

Cardano Alonzo Mainnet Goes Live As Cardano Now Has Smart Contracts Capabilities

Cardano Alonzo upgrade is now live on the mainnet. Read: In Last 3 Months Cardano Adds Over 200,000 New Staking Addresses ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.