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Samsung and Bank of Korea Advancing Offline CBDC Payments

Samsung Electronics and the Bank of Korea have inked a monumental memorandum of understanding to join forces in exploring the potential of offline Central Bank Digital Currency (CBDC). This collaboration could usher in a new era in the way financial transactions are conducted, one where payments and remittances are made possible without the need for internet connectivity.

Samsung’s Role and The Power of NFC

The tech giant Samsung, previously involved in the Bank of Korea’s ‘CBDC simulation study’, has developed a pioneering offline CBDC payment technology. This technology leverages near-field communication (NFC), enabling transactions to be made and received using Samsung’s Galaxy devices.

Securing Offline Payments

The collaboration is set to minimize security concerns around offline payments. Samsung’s Galaxy smartphones and watches, equipped with a Secure Element (eSE) chipset, provide a robust security level for these transactions. This chipset has earned the coveted EAL 6+ grade hardware certification under the international CC (Common Criteria) security evaluation standard.

Resilience Amid Disruptions

The Bank of Korea and Samsung are also probing the viability of stable payment systems that can persist even amid natural disasters and other situations where internet connectivity is compromised. This characteristic would potentially make offline CBDCs a reliable solution during times of civil or political unrest.

Anticipating Regulatory Changes

This development follows the Korean Central Bank governor Rhee Chang-yong’s skepticism regarding the CBDC’s benefits amidst the crypto market‘s upheaval last year. However, with South Korea’s crypto regulations expected to come into effect later this year, the offline CBDC research is being closely watched.

This groundbreaking collaboration between Samsung and the Bank of Korea could potentially change the landscape of financial transactions. By enabling offline payments using Galaxy devices, they are not only pushing the boundaries of what’s possible but also ensuring financial inclusion and resilience in the face of disruptions.

Key Points

What is an offline CBDC?

An offline CBDC allows for transactions to be conducted without a persistent connection to a centralized ledger, effectively enabling peer-to-peer value settlement with or without intermittent connection.

What role does Samsung play in this initiative?

Samsung is contributing its advanced security technology and Galaxy devices to facilitate offline CBDC transactions. These devices come equipped with a Secure Element (eSE) chipset that provides robust security.

Why is this collaboration significant?

This partnership between Samsung and the Bank of Korea could revolutionize financial transactions, making them possible without internet connectivity. It also offers a solution for stable payment systems during times of disruptions or lack of internet access.


Greetings, I go by the name of Flavien - a devoted supporter of cryptocurrency and a tech aficionado who has been keeping track of the developments in the world of blockchain and digital currencies since 2019. The potential of decentralized digital currencies to revolutionize our financial systems has captivated me, and I'm constantly exploring the most recent trends and advancements in this ever-evolving industry. As a content creator for Krypto Channel, my aim is to deliver informative and engaging articles that shed light on all aspects of the crypto world. Whether you're a seasoned investor or simply curious about blockchain technology, I am here to keep you updated on the latest happenings and trends. Being part of this lively and dynamic community is an honor, and I am thrilled to share my passion for cryptocurrency and blockchain with all of you.
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