South Korean tech giant Samsung has announced that it will be collaborating with the country’s central bank to research the use of central bank digital currency (CBDC) for offline payments.
The research will focus on developing a prototype CBDC that can be used to make payments without an internet connection. This is important for South Korea, as many rural areas do not have reliable internet access.
The research is being conducted by Samsung’s research and development (R&D) arm, Samsung Research. The company has been working on CBDC technology for several years, and it has already developed a prototype that can be used to make payments online.
The collaboration with the Bank of Korea is a significant step forward for Samsung’s CBDC research. The central bank has been working on its own CBDC for several years, and it is expected to launch the currency in the next few years.
If Samsung is successful in developing a prototype CBDC that can be used for offline payments, it could help the Bank of Korea to accelerate the launch of its own CBDC.
The use of CBDCs is still in its early stages, but it is expected to grow in popularity in the coming years. CBDCs offer a number of advantages over traditional fiat currencies, such as faster transactions, lower fees, and increased security.
As more and more countries explore the possibility of issuing CBDCs, Samsung’s research could play a key role in the development of this new technology.