South Korea’s central bank has inked a deal with technology giant Samsung Electronics (NASDAQ: SSNLF) in connection with its plans for a central bank digital currency (CBDC) amid a frantic rush by global banking regulators.
The Bank of Korea (BoK) and Samsung recently signed a Memorandum of Understanding (MoU) at Samsung Digital City in Suwon to deepen research into CBDCs. The new deal will see Samsung spearhead experiments on offline payment functionality for BoK’s CBDC.
Details of the agreement suggest that the main focus of the study will revolve around the use of near-field communication (NFC) on Samsung devices without relying on internet connectivity. The BoK is placing a premium on offline payments for its CBDC to compete favorably with the existing payment platforms in the country.
