Samsung Electronics has confirmed that it’s going to be a part of Bank of Korea’s (BOK) digital currency (CBDC) <a href="https://www.cryptoknowmics.com/news/south-korean-bank-announces-completion-of-cbdc/">pilot</a> project with a focus on remittances.
<h2><strong>Samsung Confirms Participation in South Korea’s CBDC Trial</strong></h2>
Samsung Electronics is going to participate in the South Korean central bank’s digital currency pilot project with its Galaxy smartphone, where CBDC remittances to other mobile phones or other connected bank accounts will also be tested.

Based on a Thursday report by <a href="https://www.koreatimes.co.kr/www/biz/2021/08/367_313360.html?gonw" target="_blank" rel="nofollow noopener">The Korea Times</a> Samsung wants to check whether it's possible to "conduct payments via mobile phones using the digital currency with no internet availability":

<em>“Will it be 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 to other connected bank accounts, are the two core points that Samsung is looking at.”</em>

Samsung affiliates such as Samsung Electronics, Escor, and Samsung SDS will also take part in the pilot to test the functionality of the CBDC with <a href="https://www.cryptoknowmics.com/news/samsung-to-use-blockchain-in-its-new-file-sharing-app/">Samsung Galaxy smartphones</a> to determine whether offline payments can be done.

While S-Core will work on the issuance of CBDC, Dream Security will focus on digital wallets and KPMG and Samsung SDS will offer business advisory services.

The pilot, which began at the end of July is being co-managed by <a href="https://www.cryptoknowmics.com/news/bank-of-korea-chooses-kakao-as-a-technology-provider-for-its-cbdc/">Kakao</a> subsidiary Ground X and run on public blockchain Klaytn, which supports 3,000 transactions every second and will later be boosted to 10,000 using scaling technology from blockchain companies Onther, Consensys, and ZK crypto. Meanwhile, Consensys will be the lead technical partner for the pilot.
<h2><strong>CBDC Will be Trialed in Two Phases</strong></h2>
Bank of Korea’s CBDC pilot will be <a href="https://www.cryptoknowmics.com/news/bank-of-korea-launches-10-year-blockchain-and-cbdc-project/">tested</a> in two phases. The first phase will run from this month until December and will determine the specific technology required, such as creating issuance and redemption of the digital currency alongside secret keys and wallet functionality.

The second phase will run from January-June 2022 to focus on real-life transactions and settlements and concepts such as privacy-enhancing technologies, offline payments, digital asset integration, and cross-border payments.

Samsung Will Participate in South Korea’s CBDC Trial

Samsung Electronics has confirmed that it’s going to be a part of Bank of Korea’s (BOK) digital currency (CBDC) pilot project with a focus on remittances.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Samsung Will Participate in South Korea’s CBDC Trial

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