Samsung will test Korean CBDC on Galaxy smartphone

Samsung Electronics will join the Central bank Digital Currency pilot program of South Korea. Samsung will test the working system & other practical tests which are possible with CBDCs based transactions.

South Korea began their pilot program of central bank Digital Currency since 28 July. They are in the initial phase of testing & running this program. This run test will take until December 2021. Amid this testing phase Samsung company joins South Korea CBDC system to run on smartphones.

Since no official statement came from Samsung or S. Korean officials regarding this matter, many reports claimed that Samsung Electronics decided to join the pilot program of South Korea CBDCs. Under this agreement program, both the parties will do their research to adopt CBDCs in practical environment. 

Reportedly, Samsung & the banks of Korean will work together to enhance the efficiency & potential of CBDC. They will also perform virtual tests & practical use tests.

Samsung will also implement the Korean CBDC in the galaxy smartphones to facilitate offlines transactions without the use of internet connection. 

If this news is really 100% genuine then surely, South Korea will bring a big revolution in the blockchain industry through the Central Bank Digital Currency at such a level. But here we should wait for further official confirmation of this news because we don’t blindly believe in this matter. 

Read also:Venezuelan Miners in Carabobo may resume their operations