Technology group Samsung has already shown significant interest in the crypto market. This, by leveraging its technical expertise in the service of improving the energy efficiency ratio of bitcoin.
Samsung collaborates with Bank of Korea (BOK) for work on CBDC
Central bank digital currency (CBDC) raises many privacy concerns. However, these do not prevent companies from venturing there. This is particularly the case of the South Korean technology firm Samsung.
Information leaked this Monday, May 15 reveals an alliance of the company for this purpose. A partnership with the Bank of Korea (BOK) to conduct research on CBDC.
According to sources, the collaboration between the two entities would aim to determine the CBDC’s offline capabilities. Specifically, it is the CBDC issued by the BOK that will be at the heart of this project.
More concretely, it is to assess the potential of the South Korean CBDC to work on Samsung mobile devices. This, without recourse to the Internet. It is rather a question of testing the possibilities of exploiting Near Field Communication (NFC) for operations.
NFC is a short-range wireless communication technology. In particular, it allows two compatible devices to exchange information. The goal of Samsung’s research is to operationalize NFC to transfer funds and make payments.
“Based on the cooperation between the two companies, we hope to make a great contribution to the development of offline CBDC technology globally.”said Won-Joon Choi, vice president of Samsung Electronics.
It must be said that this collaboration formalizes a more recent partnership between the Bank of Korea (BOK) and Samsung. Indeed, the latter had already participated, for 10 months, in the experimentation of the CBDC in the retail trade.
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