The central bank of Korea is piloting a digital currency with Samsung, a South Korean multinational firm.
Bank of Korea announced that it would make an offer to select its technological supplier for the central bank digital currency (CBDC). Ground X, whose Klaytn platform will host the CBDC, was given the contract despite tough competition.
The objective of CBDC is to provide an alternative for physical currency. Most countries are currently investigating CBDCs, including South Korea’s rival China, which has been testing its digital yuan.
The Bank of Korea’s pilot, which launched on June 28 this year, the digital payment will be tested using Galaxy mobile phones.
The objective of this pilot program is that whether it is “possible to conduct payments via mobile phones using the digital currency with no internet availability or to send CBDC remittances to other mobile phones or other connected bank accounts,” an anonymous bank executive said.
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