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News

Bank of Korea to test CBDC on Samsung phones

Monday 16 August 2021 10:13 CET | News

The central bank of Korea has announced it is piloting a digital currency with Samsung, the South Korean multinational firm.

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 will host the CBDC, was given the contract despite tough competition.

The objective of CBDC is to provide an alternative for physical currency. The Bank of Korea’s pilot, which launched on 28 June 2021, will be tested using Galaxy mobile phones.

The objective of this pilot program is to see whether it is ‘possible to conduct payments via mobile phones using the digital currency with no internet availability or to send CBDC remittances to other mobile phones or other connected bank accounts,’ as sources from the bank say.

More: Link


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Keywords: central bank, CBDC, digital currency, Samsung
Categories: Banking & Fintech
Companies:
Countries: Korea, Republic of
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Banking & Fintech

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