Coinspeaker
Samsung to Work with Bank of Korea for Offline CBDC Payment Using NFC
The latest development in the crypto space is that South Korean tech giant Samsung Electronics has decided to work with the central bank – Bank of Korea – in order to build an ecosystem for the offline payments of the central bank digital currency (CBDC).
Both players have signed a memorandum of understanding (MoU) at Samsung’s headquarters in Suwon, Gyeonggi Province. As we know, some of the top central banks across the world have already started with CBDC pilots and the Bank of Korea is also working in this regard.
As part of the agreement, both Samsung and BOK will continue to conduct research on the CBDC and will specifically focus on its offline use. Last year, both these players had already joined hands for conducting a CBDC pilot. Back then, they also developed an offline CBDC technology allowing device-to-device transfers and payments using near-field communication (NFC) technology. This wou
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