Korea Times reported that Samsung will participate in the Bank of Korea (BOK) central bank digital currency (CBDC) simulations. Two weeks ago, the BOK awarded the project to Ground X, a blockchain subsidiary of Kakao, Korea’s largest social network.
During the simulations, Samsung will be represented by Samsung Electronics and Samsung SDS and will research cross-border payments to other mobile phones or connected bank accounts. Samsung affiliate S-core will also participate.
“Specifically, the Kakao consortium and Samsung Group’s two tech affiliates will launch a pilot program aimed at checking on money transfers and remittances between countries, issuing and distributing the CBDC and monitoring how that eventually works in virtual environments,” a Samsung executive told Korea Times.
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