Samsung Electronics Corporation will participate in the Bank of Korea's (BoK) project to create a pilot platform for the nation's digital currency (CBDC), The Korea Times reports.
BC launched CBDC testing on July 28, 2021, in conjunction with Ground X, the blockchain division of technology giant Kakao.
"Samsung Electronics has decided to participate in the BK-led CBDC pilot project, in which stakeholders will explore the practical aspects of digital currency in a test environment," a company spokesperson said.
He said the Kakao consortium and Samsung's two technology subsidiaries will launch a pilot programme aimed at "testing remittances and payments between countries, issuing and distributing CBDCs and monitoring how this ultimately works in virtual environments".
Samsung also plans to explore the functionality of digital wars on its Galaxy range of smartphones.
"Whether payments can be made through mobile phones using digital currency without internet access or sending remittances to CBDCs to other mobile phones and connected bank accounts are two of the main points Samsung is looking at," explained a corporate spokesperson.
Samsung's IT division, SDS, will also participate in the programme. Its subsidiary Escor will oversee the procedures for the CBDC experiments.
Recall that Samsung SDS, as part of a consortium, submitted an application to the central bank in October 2020 to test the digital won.
The BC began selecting a technology partner to launch the digital currency in May. From the three applications received, the regulator selected Ground X, whose blockchain platform Klaytn will be the basis for the CBDC structure.