Samsung Electronics will participate in central bank digital currency (CBDC) testing without reliance on the internet.
This means that the CBDC developed by the Bank of Korea is ready to be tested online as well as offline.
Both parties want to study the potential of CBDC in an effort to create a more efficient and advanced payment system, while improving financial inclusion by monitoring testing in the virtual world.
At the same time, Samsung plans to test the usability of a blockchain -based payment system using its smartphone, the Galaxy.
Three aspects are Samsung’s focus: payments using CBDC via mobile phone, CBDC transfer to another mobile phone, and CBDC transfer to a linked bank account.
The three activities will be closely monitored by the technology giant and will be ensured to be feasible without the presence of the internet.
For the record, Korea’s central bank conducted the first phase of CBDC testing on July 28th. It is expected to continue until December to identify additional technologies needed.
The second and final phase is expected to take place from January 2022 to June before being tested in further expanding central bank services, online payments, digital asset purchases, and more.
