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).
