World News | Samsung Electronics Also Participates in 'Digital Money' Simulation Test of the Bank of Korea

Seoul [South Korea], August 5 (ANI/Global Economic): 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, were named as partners of Kakao consortium, which is selected as the CBDC simulation project operator.

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Samsung Electronics is planning to start the simulation test research with Ground X, a Blockchain subsidiary of Kakao.

Samsung Electronics is reportedly going to check whether CBDC is working on Smartphones in this test.

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

Three companies, including Ground X, Line Plus, and SK, participated in the bidding, and Ground X was finally selected as the research service provider after technology evaluation and negotiations.

Ground X is planning to start the project on coming 23rd. First, the creation of a simulation environment and testing basic functions of CBDC will be conducted in the first phase of the project until December.

In the second phase of the project, which will be conducted until June next year, will test CBDC expansion based on the simulation environment created in the previous phase and review whether to apply personal information protection enhancement technologies. (ANI/Global Economic)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)