Samsung Could Be Checking South Korea’s CBDC For Offline Transactions

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Samsung

Samsung Electronics, the technology giant, has decided to partner with the central bank of South Korea in order to conduct research on central bank digital currency in order to access offline transactions. On 15th May, the Bank of Korea, and the company then signed up a memorandum of understanding for offline CBDCs, according to KBS World, a local media. The collaboration will also have both parties investigating the offline capabilities of the CBDC issued by the central bank.

The technology giant has reportedly participated in the second phase of the CBDC simulation experiment research, which was concerned with the retail use of the CBDC. The first stage of the CBDC research tested some of the basic functions, such as the distribution, redemption, and issuance of CBDCs.

Samsung Has Started Researching South Korean CBDC

The latest MOU has been aimed at testing the potential of the South Korean CBDC in order to conduct payments and remittances using the NFC module on Samsung mobile devices rather than the Internet. Won Joon Choi, the Vice President of Samsung Electronics recently revealed that the collaboration would allow the tech giant to apply the high-level security technology of the technology company to the field of digital currency.

As a part of the collaboration, the company has obtained hardware certification for the security international common criteria evaluation assurance level six grade- which also includes seven levels of security functional requirements. 

Despite an apparent interest in CBDCs, Samsung recently decided to ban employees from using such generative artificial intelligence tools as ChatGPT on all Samsung-owned internal networks and devices. As reported by Cointelegraph previously, the company introduced the policy after a member of the staff uploaded a sensitive code to the company platform.