Samsung Electronics and the Bank of Korea (BOK) have signed a memorandum of understanding to continue researching the use of CBDC technology for offline payments.
This move is in line with the trend of many of the world’s largest governments moving towards the concept of a national digital currency.
Samsung had been involved in the previous round of CBDC testing by the central bank, which was used to assess the feasibility of issuing, distributing, and redeeming the digital won.
Additionally, Samsung tested NFC payment capabilities through its smartphones with built-in Secure Element hardware.
The collaboration between Samsung and the BOK will focus on minimizing security risks for offline mobile transactions.
Both parties will also explore the possibility of making payments in emergency situations and in the absence of internet access.
