South Korea is researching offline CBDC payments via Samsung devices

The Bank of Korea — the country’s cardinal slope — signed a memorandum of knowing with Samsung connected May 15 to collaborate connected offline cardinal slope integer currency (CBDC) research, according to a property release.

Last year, Samsung participated successful the 2nd signifier of the ‘CBDC simulation study’ conducted by the Bank of Korea. As portion of the study, Samsung developed an offline CBDC outgo exertion whereby devices tin usage near-field connection (NFC) to way payments and remittances. In different words, the exertion allows individuals to marque and person CBDC payments without an net connection.

With the latest collaboration, the Bank of Korea plans to usage Samsung’s Galaxy smartphones and watches to alteration offline CBDC payments. This would minimize concerns astir the information of offline payments since Samsung devices person a Secure Element (eSE) chipset installed, the property merchandise noted. This chipset has acquired EAL (Evaluation Assurance Level) 6+ people hardware certification successful the information planetary communal valuation modular CC (Common Criteria), arsenic per Samsung.

Samsung and the Korean cardinal slope volition besides proceed probe astir unchangeable outgo systems that tin enactment adjacent successful earthy catastrophe situations erstwhile determination is nary net connectivity.

Lee Seung-heon, Vice President of the Bank of Korea, said, “It is precise meaningful that we developed offline CBDC exertion for the archetypal clip arsenic a cardinal slope unneurotic with Samsung Electronics[…] I look guardant to getting out.”

Choi Won-joon, Vice President of Development of Samsung Electronics’ MX Business Division, said:

“Through collaboration with the Bank of Korea, we were capable to use Samsung Electronics’ high-level information exertion to the integer currency field. We expect to beryllium capable to marque a large publication to the improvement of CBDC technology.”

The latest improvement comes aft Bank of Korea politician Rhee Chang-yong said successful December 2022 that helium has go skeptical astir the benefits of CBDCs successful airy of the crypto marketplace turmoil past year.

The station South Korea is researching offline CBDC payments via Samsung devices appeared archetypal connected CryptoSlate.