Korea’s central bank to start piloting CBDCs on Samsung Galaxy phones as the bank started exploring offline crypto payments via the smartphone range so let’s read more in our latest cryptocurrency news today.
Korea’s central bank started piloting a new CBDC program on the Samsung Galaxy phones and it is looking to test whether it is possible to make offline payments between the users. Samsung has been integrating blockchain-friendly features into the phones for the past two years. Korea’s central bank is now piloting the digital currency via Galaxy smartphones of the South Korean multinational tech giant Samsung Electronics as per the report by the Korea Times.
The bank announced it will hold a bid to select the technology supplier for the CBDC back in May and after facing strong and after facing major competition, the contract was given to Ground X where Klatyn platform will host the CBDC. Ground X is a blockchain subsidiary of the Korean communications giant Kakao. CBDCs are central bank digital currencies and the goal is to provide a digital alternative to the country’s traditional fiat currency while some are based on blockchains most are simply inspired by them. China is one of the major rivals to South Korea which has been piloting the digital yuan since last April.
The bank of Korea’s pilot launched on June 28 is now looking to test the practicalities of digital payments using Galaxy phones and the program aims to ascertain whether it is likely to conduct payments via mobile phones that are using the digital currency with no internet availability or to send the CBDC remittances to other mobile phones or bank accounts. The first phase of the pilot will run until December and will assess the suitability of the technology and the second phase is expected to run from January to June and will assess all practicalities of the Bank of Korea expanding the banking practices to incorporate the CBDC.
Samsung started integrating crypto into its smartphone hardware in 2019 and the launch of the S10 with its built-in crypto wallet which was followed with the S20 range and expanded on the integrated blockchain functionality with the Blockchain Keystore which is a feature that enables users to store the private keys to the crypto wallets safely on their devices. If the pilot succeeds, South Korea will be the first country to start offering a CBDC alternative to services like Google Pay and Apple Pay.
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