Tech giant Samsung Electronics has joined forces with the Bank of Korea (BOK) to conduct research on central bank digital currency (CBDC) for offline payments. The collaboration aims to explore the offline capabilities of the CBDC issued by South Korea’s central bank.
In a recent development, on May 15, the BOK and Samsung signed a memorandum of understanding (MOU) to initiate research on offline CBDCs. This partnership will focus on investigating how the CBDC can be used for remittances and payments through near-field communication (NFC) on Samsung mobile devices, eliminating the need for an internet connection.
Samsung’s involvement in the BOK’s CBDC simulation experiment research further underscores their commitment to advancing this technology. The tech giant participated in the second phase of the BOK’s 10-month research, which specifically explored the retail use of CBDCs. The initial stage of the research assessed fundamental functions such as issuance, distribution, and redemption of CBDCs.
By collaborating with the Bank of Korea, Samsung has the opportunity to leverage its cutting-edge security technology in the digital currency field. Won-Joon Choi, Vice President of Samsung Electronics, expressed his optimism about the partnership’s potential, stating, “We expect to be able to make a great contribution to the development of global offline CBDC technology.”
As part of this joint effort, Samsung has reportedly obtained hardware certification for the security international common criteria evaluation assurance level six grade, which encompasses seven levels of security functional requirements. This certification underscores Samsung’s commitment to ensuring the highest level of security for CBDC transactions.
The collaboration between Samsung and South Korea’s central bank highlights the growing interest and investment in CBDCs globally. This research partnership is expected to pave the way for advancements in offline CBDC technology, contributing to the overall development of digital currencies worldwide.
