Samsung to research South Korea’s CBDC for offline payments

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Tech large Samsung Electronics has reportedly partnered with the South Korean central financial institution to conduct research on central financial institution digital forex (CBDC) for offline payments.

On May 15, South Korea’s central financial institution — Bank of Korea (BOK) — and Samsung signed a memorandum of understanding (MoU) for research on offline CBDCs, in accordance to native media KBS World. The collaboration may have each events researching the offline capabilities of CBDC issued by South Korea’s central financial institution.

Samsung had additionally participated within the second section of BOK’s 10-month CBDC simulation experiment research work, which handled retail CBDCs. The first stage of BOK’s CBDC research examined primary capabilities corresponding to CBDC’s issuance, distribution, and redemption.

Samsung Electronics and Bank of Korea signal a MoU for CBDC research on offline payments. Source: samnews24.com

The newest MOU is aimed toward testing the South Korean CBDC’s potential to conduct remittance and payments utilizing near-field communication (NFC) on Samsung cell units as an alternative of the Internet. Samsung Electronics VP Won-joon Choi revealed that the collaboration allowed the tech large to apply Samsung’s high-level safety know-how to the digital forex area. He added:

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“Based on cooperation between the two companies, We expect to be able to make a great contribution to the development of global offline CBDC technology.”

As a part of the collaboration, Samsung reportedly obtained {hardware} certification for the Security International Common Criteria CC (Common Criteria) ‘EAL (Evaluation Assurance Level) 6+ grade’.

Related: Korean blockchain specialists search the federal government’s assist for digital asset market

Despite eager curiosity in CBDCs, Samsung just lately banned staff from utilizing generative synthetic intelligence (AI) instruments corresponding to ChatGPT on all Samsung-owned units and inner networks.

As Cointelegraph beforehand reported, Samsung launched the coverage after a workers member uploaded a “sensitive code” to the platform. An inner memo addressing the matter learn:

“HQ is reviewing security measures to create a secure environment for safely using generative AI to enhance employees’ productivity and efficiency.”

Other goliaths together with JPMorgan, Bank of America, Goldman Sachs and Citigroup have additionally restricted the usage of generative AI instruments.



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