- The tech giant became a partner of the Central Bank
- And will provide their equipment with NFC
May 15, tech giant Samsung and the Central Bank of South Korea (BOK) signed memorandum of cooperation. They will jointly test the use of CBDC offline.
For such payments, the NFC mode, which is equipped with all modern Samsung mobile devices, will be tested. Partners will check how such operations are carried out in the absence of the Internet.
“Based on the cooperation between the two companies, we hope that we can make a great contribution to the development of the global offline CBDC technology”
Samsung added that their devices meet the Security International Common Criteria CC (Common Criteria) “EAL (Evaluation Assurance Level) Class 6+” standard. This guarantees the security of payments.
Offline cashless payments are an important technology. After all, not always users have the opportunity to withdraw paper money from an ATM. But in the absence of the Internet, it is not possible to pay by card.
Despite Samsung’s policy to develop modern technologies, the brand is cautious in some areas. For example, the company recently banned its employees from using ChatGPT on work devices. Violators face sanctions up to and including dismissal.
In the meantime, the very concept of CBDC causes a lot of criticism. Recently, a number of US states have begun passing bills to ban such currencies.