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You are at:Home » Samsung Joins Bank of Korea CBDC Project
CBDC

Samsung Joins Bank of Korea CBDC Project

Ravi KumarBy Ravi KumarAugust 14, 2021Updated:August 14, 2021No Comments1 Min Read
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Blockchain Technology News - AlexaBlockchain
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Samsung Electronics joins Bank of Korea (BOK) CBDC project, reports The Korea Times. BOK is working on to build a pilot platform for a central bank digital currency (CBDC).

The BOK began the CBDC pilot program July 28, together with Ground X, the company that founded Klaytn.

Ground X is the blockchain subsidiary of Kakao, Korea’s largest social network.

BOK and Ground X is working with other subsidiaries of Kakao – Kakao Pay and Kakao Bank. Samsung now joins the group to check the functionality on Galaxy phones.

“Samsung Electronics has recently decided to participate in the BOK-led CBDC pilot project, under which interested parties will research the practicalities of the CBDC in a test environment,” an executive familiar with the issue said Wednesday.

The CBDC pilot for a digital won has a budget of up to Won 4.96 billion ($4.4 million).

Bank of Korea (BOK) Klaytn South Korea
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Ravi is a senior market analyst at AlexaBlockchain. He writes about everything at the cross-section of blockchain, markets, and the economy. Ravi can be reached at ravi@alexablockchain.com

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