South Korean government and Samsung partner for CBDC project 

For the South Korean government’s central bank digital currency pilot program, tech giant Samsung will participate by allowing digital assets integration on its flagship Galaxy smartphones.

The multinational tech juggernaut, which is known for its highly popular smartphone and tablets, will integrate CBDC features on its upcoming Galaxy handsets.

The digital currency, which is currently being developed by the Bank of Korea, began its pilot test on July 28. Ground X, the creator of the popular messaging platform Kakao, is also involved in the development.

Mainstream use coming soon

“Specifically, the Kakao consortium and Samsung Group’s two tech affiliates will launch a program aimed at checking money transfers and remittances,” an unnamed executive told the Korea Times.

The executive also said that the pilot test also aims to monitor how South Korea’s CBDC performs in a completely virtual environment. The CBDC will use “Klaytn” as its platform, which was also developed by Ground X.

For Samsung, this pilot test isn’t its first time venturing into cryptocurrencies. In 2019, it announced that its Galaxy S10 flagship smartphone would be integrated with Bitcoin, Ethereum, and Enjin support. And recently, the company said that its mobile phones would finally support hardware wallets.

The grand plan for CBDCs

South Korea is preparing seriously for its CBDC project. From regulations, technology partners, and other initiatives, the government isn’t leaving any areas uncovered for its grand plan.

Also, it appears that South Korea is trying to replicate China’s success with its own CBDC project, which has recently achieved a number of impressive feats.

While it still lags behind China when it comes to CBDC, South Korea is obviously working double-time to keep up and position itself as one of the top digital asset authorities in Asia.

Aside from its crypto initiatives, the government has also laid out a 10-year-plan that solely focuses on CBDC and blockchain technology.

 

Image courtesy of Cointelegraph News/YouTube

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