After collaborating in 2022, Samsung and the Bank of Korea are renewing their cooperation to develop a central bank digital currency (MNBC). Thus, one of their main objectives is to make possible monetary transactions on Samsung products without using the Internet network.
The development of an MNBC continues in South Korea
Today, the central bank of South Korea and the multinational Samsung signed a memorandum to develop a central bank digital currency (MNBC) allowing transactions to be carried out without going through the Internet.
As a reminder, a central bank digital currency is a form of currency whose exchange is completely digital through devices such as smartphones and computer servers. Unlike digital assets such as cryptocurrencies, MNBCs are deployed by central banks which control their monetary issuance.
Lee Seung-heon, deputy governor of the Bank of Korea, came to the company’s headquarters for the occasion. He was received by Choi Won-joon, director of the R&D department of Samsung Mobile. The latter claimed that this future digital currency could be used internationally :
“We were able to apply Samsung Electronics’ advanced security technology to digital currency through collaboration with the Bank of Korea. […] With the cooperation of both parties, we can focus on growing MNBC technology for global offline payments. »
For his part, Lee Seung-heon stresses the importance of this collaboration for South Korea: with this agreement, the Far Eastern country aims world leader in MNBC technology. However, China remains the most advanced country to date, with its digital yuan circulating for more than two years.
👉 Learn more about central bank digital currencies (MNBC)
Discover Binance
10% off your fees with code SVULQ98B 🔥
Samsung at the heart of the monetary project
Previously, Samsung had already collaborated with the Korean financial institution on the issue of MNBCs. Last year, the firm worked on a digital currency project allowing transactions between different devices without the Internet. The operation was a success thanks to a computer chip created by the multinational specializing in electronic products.
If the Bank of Korea is committed to creating a network-free system, it is to anticipate natural disasters that may impact the Internet network on its territory. Therefore, a technology allowing offline transactions is necessary to anticipate particularly powerful climatic phenomena.
One of the first objectives of the Korean institution is to make digital currency transactions accessible through Samsung Galaxy smartphones as well as Samsung Watch connected watches.
Samsung has been interested in technologies around digital assets for several years now. From 2019, the firm gave access to decentralized applications via its smartphones at a time when the decentralized finance (DeFi) industry was almost non-existent.
👉 Understand everything about decentralized finance in minutes
Trade on the leading DEX
⛓️ A platform at the heart of DeFi

Source: The Korea Herald
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.