According to a press release, the Bank of Korea (the country’s central bank) signed a memorandum of understanding with Samsung on May 15 to cooperate on offline central bank digital currency (CBDC) research.
Last year, Samsung participated in the second phase of a “CBDC simulation survey” conducted by the Bank of Korea. As part of its research, Samsung has developed an offline CBDC payment technology that allows devices to route payments and transfers using Near Field Communication (NFC). In other words, this technology allows an individual to make and receive his CBDC payments without an internet connection.
With the latest partnership, the Bank of Korea plans to enable offline CBDC payments using Samsung Galaxy smartphones and watches. Samsung devices come with He Secure Element (eSE) chipsets installed, which minimizes security concerns for offline payments, the press release said. I got it. This chipset has acquired EAL (Evaluation Assurance Level) 6+ grade hardware certification in the CC (Common Criteria) international security evaluation standard by Samsung.
Samsung and the central bank of Korea will also continue research into a stable payment system that will work even in natural disaster situations where there is no internet connection.
“It is very significant that Samsung Electronics and the central bank have developed offline CBDC technology for the first time,” said Lee Seung-heon, deputy president of the Bank of Korea.[…] I’m looking forward to going outside. “
Choi Won-joon, Vice President of Samsung Electronics MX Business Development, said:
“By cooperating with the Bank of Korea, we were able to apply Samsung Electronics’ advanced security technology to the digital currency field.
The latest development came after Bank of Korea governor Lee Chang-yong Said In December 2022, he said he became skeptical about the benefits of CBDCs given last year’s turmoil in the cryptocurrency market.
A post about South Korea studying offline CBDC payments via Samsung devices first appeared on CryptoSlate.
