An Offline Digital Currency For Samsung Galaxy Phones In The Making? Smartphone Maker Forges Deal With Korean Central Bank

May 16, 2023 1:03 PM | 1 min read |

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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