The central financial institution is exploring offline crypto payments by way of the Samsung Galaxy series of smartphones.
As reported by The Korea Times on August eight, the Bank of Korea is testing a digital currency by means of the Galaxy smartphone of South Korean tech giant Samsung Electronics.
The Central Bank of Korea has announced that it will hold a tender to choose a engineering supplier for the CBDC. After dealing with stiff competitors, the contract was awarded to Ground X, whose Klaytn platform will host the CBDC. Ground X is a blockchain subsidiary of South Korean media giant Kakao.
CBDC is a central financial institution-backed digital currency. The function of the CBDC is to deliver a digital option to the nation’s common fiat currency. Some are blockchain-primarily based, a lot of are merely “inspired” by them. Most nations are studying CBDCs ideal now, most notably South Korean rival China, which has been testing its digital yuan given that April final yr.
The Bank of Korea’s pilot plan, launched on June 28 this yr, especially aims to check the comfort of digital payments working with Galaxy phones. An anonymous financial institution executive advised the Korea Times:
“The pilot program aims to determine whether it is possible to make mobile payments with digital currency without the Internet or to send CBDC funds to other connected cell phones or bank accounts. Other connection or not.”
The to start with check phase will run right up until December and will assess the relevance of the engineering. The 2nd phase, which is anticipated to final from January to June, will assess the practicality of expanding the Bank of Korea’s banking operations to integrate CBDCs.
Samsung has been integrating cryptocurrencies into its smartphone hardware given that 2019. The launch of the S10, with an integrated crypto wallet, was followed in 2020 by the S20 selection, which was expanded by means of blockchain performance that integrates with Blockchain Keystore, a attribute which makes it possible for end users to securely keep the personal keys of their cryptographic wallets on their products.
If the pilot is effective, South Korea will be a single of the to start with nations to provide CBDC options for solutions like Apple Pay and Google Pay, enabling for contactless cellphone payments devoid of an world wide web connection. .
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