Samsung is set to work with South Korea’s central bank on a national digital currency testing project. The electronics giant is looking for a way to process Korea’s national digital currency transactions using just a smartphone without an internet connection.
to the Report CoinDesk, Samsung, the world’s electronics giant, is set to be part of South Korea’s national digital currency testing project.
According to The Korea Times, Samsung will work with South Korea’s central bank on a national digital currency testing project, and the company will focus on payment transactions.
The electronics giant plans to test the performance of South Korea’s national digital currency with its Galaxy series smartphones.
According to an anonymous source, Samsung specifically wants to know how transactions can be processed without access to the Internet, using a mobile phone that uses South Korea’s national digital currency.
The process of transferring Korea’s national digital currency to other smartphones and bank accounts connected to them is to be tested by Samsung.
South Korea’s central bank has said the pilot program includes “supplying and distributing the country’s national digital currency and examining its performance in cyberspace.”
South Korea’s national digital currency project is set to be tested in two phases. The first phase, which lasts from this month to December (December), determines the technologies required for this project. The second phase, which is scheduled to run from January (January) to June (June) next year, focuses on real transactions and payments.
South Korea’s central bank last month issued a statement inviting companies to compete with each other for a position to work together to develop the country’s national digital currency. Finally, the GroundX blockchain development company, a subsidiary of the Korean company Kakao, which operates in the Internet industry, won the auction.