- The tech giant has partnered with the central bank
- and will provide its NFC equipment
May 15, tech giant Samsung and the South Korean Central Bank (BOK) signed a memorandum of cooperation. They will jointly test the use of CBDC in offline mode.
The NFC mode, which all modern Samsung mobile devices are equipped with, will be tested for such payments. The partners will test how such transactions work in the absence of the Internet.
“Based on the collaboration between the two companies, we hope to be able to contribute greatly to the development of global offline CBDC technology.”
The Samsung added that their devices meet the Security International Common Criteria CC (Common Criteria) “EAL (Evaluation Assurance Level) Class 6+” standard.. This ensures secure payments.
Cashless offline payments are an important technology. After all, users do not always have the ability to withdraw paper money from ATMs.
But in the absence of the Internet, it is not possible to pay by card. Despite Samsung’s policy of developing modern technology, the brand is cautious in some matters.
For example, the company recently banned its employees from using ChatGPT on work devices. And violators face penalties up to and including dismissal.
In the meantime, the very concept of CBDC itself has been the subject of much criticism. A number of U.S. states have recently begun passing bills to ban such currencies.