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