Samsung playing a supportive role to the native country’s digital currency enhancement era, as the Korean giant and Bank of Korea, together announce that they had signed a memorandum of understanding (MOU) for cooperation in offline central bank digital currency (CBDC) technology research, on 15 May 2023.
Cooperate in the offline payment sector. Both sides will conduct research on CBDC issued by the Bank of Korea. Last year, Samsung Electronics took part in the the second stage of the Bank of Korea’s ‘CBDC simulation study’. Allowing remittance and payment without being connected to the Internet, all transaction terminals have developed an offline CBDC, using near-field communication (NFC). Transactions are made in the embedded Secure Element (eSE) embedded in Samsung Electronics’ mobile devices. It has obtained hardware certification for the Security International Common Criteria CC (Common Criteria) ‘EAL (Evaluation Assurance Level) 6+ grade’.
Lee Seung-heon, Vice President of the Bank of Korea, said:
“It is very meaningful that we developed the first offline CBDC technology for a central bank together with Samsung Electronics.” I look forward to getting out,” he said.
Vice President Choi Won-jun, head of development at Samsung Electronics’ Mobile Experience (MX) Division, said:
“Through collaboration with the Bank of Korea, we were able to apply Samsung Electronics’ high-level security technology to the digital currency field.” “Based on cooperation between the two companies, We expect to be able to make a great contribution to the development of global offline CBDC technology.”
FOLLOW US ON SOCIAL MEDIA – Telegram, Twitter, Facebook, & Google News.