Won-Joon Choi, Samsung’s executive vice president of mobile experience, said: “This collaboration with Bank of Korea has allowed us to apply Samsung’s advanced security innovations to the digital currency field.”<\/p>\n

“We expect our collaboration to make a valuable contribution to the advancement of global offline CBDC technology,” he added.<\/p>\n

Countries from China to the U.S. are advancing their research and experimentation with so-called CBDCs in the hope that it could become easier for consumers to send money instantaneously.<\/p>\n

China has already created a digital version of the Chinese yuan and is trialing its CBDC in numerous cities, while the U.S., too, is closely examining whether to roll out a digital version of the dollar, and how this would work.<\/p>\n