Share this article
Samsung Plans to Test Mobile Phone Functionality With South Korea's CBDC Pilot
The electronics giants will look at whether transactions can be completed without internet availability.
Updated Sep 14, 2021, 1:39 p.m. Published Aug 12, 2021, 4:07 a.m.
Make us preferred on Google
Samsung Electronics is reportedly going to be a part of South Korea's central bank digital currency (CBDC) pilot project.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Samsung will participate in the Bank of Korea's (BOK) pilot program with a focus on remittances, according to a report by The Korea Times on Thursday.
- The electronics giant plans to test the functionality of BOK's CBDC pilot with its Galaxy smartphone.
- Specifically, Samsung wants to know whether it is possible to "conduct payments via mobile phones using the digital currency with no internet availability," according to an unnamed source, cited in the report.
- CBDC remittances to other mobile phones or other connected bank accounts will also be tested.
- The pilot program consists of "issuing and distributing the CBDC and monitoring how that eventually works in virtual environments," the executive said.
- BOK's CBDC pilot will be tested in two phases. The first phase, which runs from this month until December, will determine the technology required. The second phase, which will run from January until June of next year, will focus on real-life transactions and settlements
- BOK began calling for firms to compete for a shot at developing its CBDC in July. The contract was eventually granted to GroundX, a blockchain subsidiary of South Korea-based internet giant Kakao.
Read more: Samsung Adds Ledger Wallet Support in Latest Crypto Tie-Up
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Binance to shift $1 billion user protection fund into bitcoin amid market rout
Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
What to know:
- Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
- The exchange has pledged to replenish the fund to $1 billion if bitcoin price swings cause its value to fall below $800 million.
- Binance framed the change as part of its long-term industry-building efforts.
Top Stories
