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The signing ceremony of the MoU between the Bank of Korea and Samsung Electronics took place at Samsung Digital City in Suwon, South Korea. Executives attending the signing ceremony included Seungheon Lee, Senior Deputy Governor at Bank of Korea, and Dr. Won-Joon Choi, EVP and Head of Mobile R&D Office at Samsung MX. The two companies have pledged to continue research on CBDC. Samsung phones and smartwatches that support CBDC transfers will have EAL (Evaluation Assurance Level) 6+ grade hardware certification, which is the world's highest security level of security.
Samsung participated in the second phase of a pilot study on CBDC that the Bank of Korea conducted. The companies tested device-to-device money transfers and payments via NFC, and the feature works even when the devices aren't connected to the internet. The technology used to make these payments includes using the eSE (embedded Secure Element) security chip inside Galaxy phones to reduce security risks and ensure reliable transactions happen during emergencies.
Dr. Won-Joon Choi, EVP and Head of Mobile R&D Office, MX Business at Samsung Electronics, said, “This collaboration with Bank of Korea has allowed us to apply Samsung's advanced security innovations to the digital currency field. We expect our collaboration to contribute to the advancement of global offline CBDC technology.“
Asif is a computer engineer turned technology journalist. He has been using Samsung phones since 2004, and his current smartphone is the Galaxy S21 Ultra. He loves headphones, mechanical keyboards, and PC hardware. When not writing about technology, he likes watching crime and science fiction movies and TV shows.
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