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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

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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.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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