Samsung is exploring an offline digital currency in Galaxy phones
The consumer tech giant is looking into launching a central bank an offline digital currency in collaboration with the Bank of Korea. The South Korean electronics firm said that it had signed a memorandum of understanding with the country’s central bank to conduct technical research on the digital currency.
The development of an NFC-based solution for Central Bank Digital Currencies (CBDCs) by Samsung, which enables offline payments even without an internet connection, was disclosed last year. Samsung wants to conduct additional studies into ways to improve the security of offline digital currency and guarantee trustworthy transactions in times of emergency in conjunction with the Bank of Korea.
In order to demonstrate Korea’s leadership in this field, the Bank of Korea acknowledged its joy at being the first central bank to collaborate with Samsung in the development of offline CBDC technology. The executive vice president of mobile experience at Samsung emphasized the use of cutting-edge security technologies in the realm of offline digital currency and predicted a substantial contribution to the development of offline CBDC technology on a worldwide scale.