On Monday, May 15, the Central Bank of South Korea (BOK) and Samsung Electronics signed a memorandum of understanding (MoU) to explore the state-owned steiblocoin.
The initiative seeks to test the effectiveness of CBDC in making money transfers and payments using short-range wireless communication (NFC).
It will use Samsung mobile devices that are not connected to the Internet.
Samsung has previously participated in the second phase of a ten-month pilot project involving retail digital warfare.. Its basic CBDC functions were tested: issuance, distribution, and redemption.
“This collaboration will introduce high-level security technology into the digital won.
We hope we can make a big contribution to the development of offline payments using CBDC,” said Won-joon Choi, vice president of Samsung Electronics.
Despite the interest in public cryptocurrencies, Samsung executives recently banned employees from using generative artificial intelligence tools such as ChatGPT on the company’s internal networks and on all Samsung-owned devices.
The move was made to improve security as well as employee productivity and efficiency, corporate executives say.
Last year, Samsung implemented Privat Blockhain to improve the security of its smart devices.