1234 Samsung to promote digital currency in partnership with Bank of Korea ~ Androidvillaz

Samsung to promote digital currency in partnership with Bank of Korea

Samsung plans to take part in a pilot project of the central bank of South Korea, intending to build a pilot platform for the so-called. Central bank digital currency (CBDC).



The pilot project began on July 28 with the participation of the Ground X blockchain operator, which is part of the Kakao company. Samsung officials say the company intends to test the use of blockchain-based systems with its Galaxy line of smartphones. The Kakao consortium and the Samsung Group will deal with the technical part of the organization of transactions and international transfers, as well as directly participate in the emission and distribution of the CBDC.

Samsung also intends to test the functionality of digital currency payments using Galaxy smartphones without Internet access, sending transfers to CBDC to other phones, as well as to other compatible bank accounts. An important role in the implementation of the program will be played by the IT department of the corporation - Samsung SDS, whose Escor subsidiary will be responsible for the procedures carried out as part of the experiments with CBDC.

It is known that central banks in many countries have already begun experimenting with digital currencies. The most successful of them is considered to be Chinese - the country is actively and successfully developing transactions using the digital yuan (E-CNY). Bank of Korea Governor Lee Ju-yeol downplays the importance of cryptoassets, considering all types of digital currencies to be not very valuable, since they are all inherently overly volatile.

Despite his skeptical assessment of digital assets, he expressed his openness to the possibility of examining CBDC and a willingness to consider the reasons why it matters in the context of modernizing the financial system.

Since the so-called. "Stablecoins", the rate of which is pegged to one of the world's currencies, are becoming more and more popular, many experts believe that central banks should offer their own alternatives. To test its own CBDC, the Bank of Korea intends to use the Klaytn blockchain platform, owned by Ground X.

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