Samsung Electronics also participates in Bank of Korea’s ‘Digital Money’ mock test, IT News, ET CIO

Seoul: Samsung Electronics will also participate in the Central Bank Digital Currency (CBDC) simulation test research project conducted by the Bank of Korea.

According to the Bank of Korea on Wednesday, Samsung Electronics and S-Core, a subsidiary of Samsung SDS, have been named partners of the Kakao consortium, which is selected as the operator of the CBDC simulation project.

Samsung Electronics plans to begin mock test research with Ground X, a blockchain subsidiary of Kakao.

Samsung Electronics would check if CBDC works on smartphones in this test.

Previously, the Bank of Korea announced an offer for a service provider for a CBDC simulation study. The total project budget is 4.96 billion won.

Three companies, including Ground X, Line Plus and SK, participated in the tender, and Ground X was ultimately selected as the research services provider after technology assessment and negotiations.

Ground X plans to start the project on the next 23. First, the creation of a simulation environment and the testing of the basic functions of CBDC will be carried out in the first phase of the project until December.

In the second phase of the project, which will run until June next year, the expansion of CBDCs will be tested based on the simulation environment created in the previous phase and consider whether to apply technologies to improve the protection of personal information.