South Korean tech giant Samsung Electronics Co. Ltd. has joined the Bank of Korea’s efforts to develop a central bank digital currency, local media reported.

  • A source close to the matter said Samsung Electronics recently decided to take part in the project, looking into the practicalities of a CBDC in a test environment.
  • Officials of Samsung and the BOK said the project was hinged on looking into the advantages of a CBDC that will push for a more efficient and advanced payment system.
  • The tech firm is looking to test the possibility of using blockchain-based systems, and the functionality of the digital currency in its flagship Galaxy mobile lineup.
  • Officials are also looking at the possibility of using the CBDC offline, whether for payments, remittances to other mobiles, or to other connected banks.

Samsung affiliate Escor will take the lead in the procedures for the experiments with the CBDC. 005930 is down 0.97%.