South Korea To Rollout CBDC Offline Payments Via Samsung Galaxy Phones

Anvesh Reddy
May 15, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Samsung Backs Sony Blockchain Soneium Development Team

Crypto market news: If everything goes according to plan, a joint research initiative by Samsung and the Bank of Korea could successfully implement central bank digital currency (CBDC) based offline payments via Samsung Galaxy smartphones and smartwatches. On Monday, Korean media reports said Samsung Electronics and the Bank of Korea will initiate joint research for developing an ecosystem for a CBDC. Accordingly, the company signed an official agreement with the central bank to perform research in the offline payments space.

Also Read: DOGE Surpasses BTC And LTC In Network Activity, Here’s Why

This is in continuation to the pilot project initiated in 2022 between the two parties, which was centered around CBDC technology enabling device to device transfers through near-field communication (NFC). The new initiative is said to be aimed at bypassing difficulties like the lack of network connectivity in South Korea’s internal locations. This is also an attempt to subvert the usage of card and cash payments in the country.

Advertisement
Advertisement

Samsung Galaxy Phones To Power Offline Payments

Samsung said that the research will focus on minimizing security issues in offline payments when made through Samsung’s Galaxy smartphones and smartwatches, as per The Korea Times report. Lee Seung-heon, senior deputy governor of the Bank of Korea, said,

“We look forward to Korea continuing to lead the way in offline CBDC technology, which is being actively researched by global central banks.”

However, the crypto market community is in principle opposing the implementation of the CBDCs, which are also based on blockchain, the underlying technology behind the cryptocurrencies.

Also Read: US DOJ To Intensify Crackdown Against Crypto Exchange, DeFi, Mixers

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.