Skip to main content

Samsung to Aid Bank of Korea in Central Bank Digital Currency Pilot Program

samsung

Samsung, the Korean tech giant, has decided to participate in a central bank digital currency (CBDC) program that is being carried out by the Bank of Korea. The company will be testing the feasibility of using these new instruments in its lineup of Galaxy phones, specifically assessing the possibility of making offline payments between peers.

Samsung Participates in Korean Digital Currency Pilot

Samsung, the Korean technology behemoth, has agreed to aid the Bank of Korea in running a test pilot for a central bank digital currency that will assess the feasibility of using these instruments in the payments sector. The pilot started in July, co-managed by the Bank of Korea and Ground X, a blockchain affiliate of Kakao, the messaging platform.

The news was announced by a Samsung executive, who stated:

Samsung Electronics has recently decided to participate in the BOK-led CBDC pilot project, under which interested parties will research the practicalities of the CBDC in a test environment.

While the governor of the Bank of Korea, Lee Ju-yeol, has had a negative view of cryptocurrencies due to the volatile nature of their prices, the bank nonetheless has decided to run this pilot project to examine the value of digital asset instruments to modernize banking structures.

Offline Payments

The involvement of Samsung in the pilot will involve the use of its Galaxy flagship line of phones to make remittances and offline payments and monitor the behavior of these transactions. A Samsung officer told The Korea Times:

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.

Several central banks around the world are now experimenting with central bank digital currencies, as private alternatives like stablecoins and fintech begin to take root in more and more of the payments market. The People’s Bank of China already has a very advanced digital currency project that is circulating and being used in certain regions of the country.

Other countries have gone the other way, adopting existent cryptocurrencies as legal tender. This is the case of El Salvador, which issued a law making bitcoin legal tender, hoping to infuse its economy with more dynamic movements and avoid problems with inflation.

What do you think about Samsung’s involvement in this digital currency pilot program? Tell us in the comments section below.



from Bitcoin News https://ift.tt/3iOF0fm
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more