This file photo taken on June 13, 2022, shows a cryptocurrency price monitor at Bithumb’s Gangnam center in southern Seoul. (Yonhap)
SEOUL, May 16 (Korea Bizwire) — Samsung Electronics Co. and the Bank of Korea (BOK) on Monday signed an agreement to advance technology related to the offline central bank digital currency (CBDC) currently under development.
In the previous year, Samsung participated in the central bank’s second phase of the CBDC mock test research.
As a result, the company developed offline CBDC technology, enabling transfer and payment between devices through Near Field Communication (NFC), even without an online network connection.
Money transfers and payments are securely processed through the chipset included in Samsung’s mobile devices.
The chipset obtained an EAL 6+ CC hardware certification, which is an internationally recognized standard, boasting the highest level of security in the world.
Both parties aim to minimize security threats when using Galaxy smartphones or watches for offline transactions.
They plan to achieve this by implementing the technology and conducting further research to provide a stable payment environment during emergency situations when the network is offline.
Kevin Lee (kevinlee@koreabizwire.com)
