Central bank digital currency: Samsung Electronics participates in Bank of Korea’s simulation test

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Central bank digital currency: Samsung Electronics participates in Bank of Korea’s simulation test
Central bank digital currency: Samsung Electronics participates in Bank of Korea’s simulation test

In the first phase of the project until December, the creation of a simulation environment and testing basic functions of central bank digital currency will be conducted

Samsung Electronics will also participate in the central bank digital currency (CBDC) simulation test research project conducted by the Bank of Korea.

Samsung Electronics and S-Core, a subsidiary of Samsung SDS, according to the Bank of Korea on Wednesday, were named as partners of Kakao consortium, which is selected as the central bank digital currency simulation project operator.

Samsung Electronics is planning to start the simulation test research with Ground X, a Block-chain subsidiary of Kakao.

Samsung Electronics is reportedly going to check whether CBDC is working on Smartphones in this test.

Previously, the Bank of Korea announced a bid for a service provider for a central bank digital currency simulation study. The total budget for the project is 4.96 billion won.

Three companies, including Ground X, Line Plus, and SK, participated in the bidding, and Ground X was finally selected as the research service provider after technology evaluation and negotiations.

Ground X is planning to start the project on coming 23rd. In the first phase of the project until December, the creation of a simulation environment and testing basic functions of central bank digital currency will be conducted.

In the second phase of the project, which will be conducted until June next year, will test central bank digital currency expansion based on the simulation environment created in the previous phase and review whether to apply personal information protection enhancement technologies.

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