Korean tech giant Samsung Electronics will conduct offline payments based on a central bank digital currency in a partnership with the Bank of Korea, a local news media outlet KBS WORLD reports.
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The two have signed the memorandum of understanding at Samsung Digital City in Suwon, paving the path to continue research on CBDC. As part of the experiment, the parties will reportedly test CBDC payments with NFC connectors on mobile devices. However, it is unclear when exactly Samsung and the Bank of Korea plan to launch the pilot or how long it will last.
For Samsung, CBDC is nothing new, as the company first agreed to build a pilot platform for a CBDC back in 2021. Back then, Samsung wanted to test the possible usability of blockchain-based systems on its Galaxy mobile lineup.
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