Samsung said it would press ahead with central bank digital currency (CBDC) technology in South Korea.
The South Korean tech giant is planning on launching a CBDC currency in collaboration with the Bank of Korea (BOK).
CBDCs are central bank-issued and controlled digital currencies that can be exchanged using blockchain or distributed ledger technology.
Central banks around the world have been actively promoting the use of CBDCs to replace hard cash, as paper currency use has steadily declined as the popularity of cryptocurrencies and credit card use becomes more prevalent.
The company announced on May 16 its memorandum of understanding agreement with South Korea’s central bank to research and create a secure offline CBDC transaction system for its Galaxy smartphone devices….