Samsung Will Test South Korea's Digital Currency

Samsung will test South Korea's digital currency. The electronics giant announced that it is included in the pilot program.

According to the news in The Korea Times, Samsung participated in the pilot program of the Central Bank of Korea focused on payments. The news reports that the electronics giant company will test the CBDC of the Central Bank of Korea on Galaxy Smartphones. According to the newspaper's specific detail, citing an unnamed source, Samsung agreed to take this test to see if it is possible to make payments using CBDC with smartphones without an internet connection. In the trial phase, sending CBDCs to other smartphones and banks will also be tested.

Test Program Will Be In Two Stages

The test program of the South Korean CBDC will consist of two phases, with the first phase ending next December. At this stage, the technologies required for CBDC will be explored. The second phase will take place between January and June 2022, where payments and real-life transactions will be tested.