Korea CBDC to pilot CBDC test on Samsung Galaxy phones

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TL;DR Breakdown

  • Korea test CBDC on Samsung galaxy phones.
  • Pilot test to help ascertain possibilities of conducting payment through mobile phones.
  • Samsung begins crypto integration on phone hardware.

Reports have emerged that South Kora Central bank has started piloting the Korea CBDC on Samsung Galaxy smartphones. This is according to Local reports in Korea.

Back in May, the Korean central bank said that it would hold a bid to select its technology supplier. After much back and forth in that process, Ground X, whose Klaytn platform will host the CBDC, was chosen for the job.

Basically, what the Korea CBDC pilot test on Samsung Galaxy phones aims to achieve is specifically to test the practicalities of digital payments on galaxy phones.

The pilot test will help ascertain the possibilities of conducting payment through mobile phones using the digital currency with no internet availability or to send CBDC remittances to other mobile phones or to other connected bank accounts, local report in Korea suggests.

Reportedly, the first phase of the Korea CBDC test on galaxy phones would continue until December, accessing the suitability of the technology. The second phase will begin from January till June 2022, accessing practicalities of the Bank of Korea expanding its banking practices to incorporate the CBDC.

CBDCs are central bank-backed digital currency aimed at providing digital alternatives to the fiat currencies of a country. Most countries are working on developing theirs, with China already testing its digital yuan since 2021.

Before Korea CBDC test, Samsung and crypto integration

Before the Korea CBDC test, Samsung has been integrating crypto into its smartphone hardware since 2019. Samsung S10 was built with in-built crypto wallet, and the S20 model expanded on integrated blockchain functionality with the Blockchain Keystore.

With the CBDC test on Samsung Galaxy, if it is successful, Korea would be the first country to offer a CBDC alternative to services like Apple Pay and Google Pay, allowing contactless phone payment without the need for an internet connection.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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