- Samsung Electronics Co, Ltd SSNLF is eyeing the launch of a central bank digital currency in collaboration with the Bank of Korea.
- Samsung bagged a deal with the country's central bank for cooperation in offline CBDC (Central Bank Digital Currency) technology research at Samsung Electronics Suwon Digital City.
- Based on the technology, the two companies look to use Samsung Electronics' Galaxy smartphones and watches to minimize security threats related to offline payments.
- Using near-field communication technology built into smartphones, Samsung users could make payments between devices to enable contactless payments.
- Samsung and the Bank of Korea propose to keep researching how to minimize security risks associated with offline payments.
- Photo via Wikimedia Commons
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