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South Korea-based multinational electronics company Samsung has partnered with the South Korean central bank to conduct technical studies on a central bank digital currency (CBDC). In the statement regarding the partnership in question, it was stated that contactless payments between devices can be enabled using near-field communication technology and details of the technical research to be conducted were shared.
Samsung Partnership with the Central Bank of South Korea
In recent years, as blockchain technology and cryptocurrencies have become more popular and have a wider usage area around the world, large international companies have started to carry out various studies in this field. In this process, many companies started to invest significant amounts in this field. CBDCs have also been one of the topics discussed in the crypto ecosystem during this period. Recently, Florida Governor Ron DeSantis signed a bill restricting the use of CBDCs in the state.
On the other hand, there have also been institutions and financial regulators taking positive steps on CBDCs. Finally, Samsung announced in an official statement on Monday that it has partnered with the Central Bank of South Korea to conduct technical studies on CBDCs.
Technical Research will be Conducted for CBDCs
South Korea-based multinational electronics company Samsung announced on Monday that a partnership has been established with the country’s central bank to conduct technical research on digital currency. Samsung stated that a CBDC developed by the central bank can work offline and can be transferred between the chip in the devices and Galaxy model smartphone users. With a CBDC, payments can be made between devices using the near-field communication technology built into smartphones to enable contactless payments, according to Samsung.
