The Bank of Korea and Samsung Electronics said they will press ahead with their research on an offline central bank digital currency (CBDC).

The central bank said it signed a memorandum of understanding with the South Korean tech giant on May 15. The two sides agreed to continue their research on CBDC and work together in the offline payments sector.

Samsung has been a key participant in the central bank’s ongoing research on CBDC. It joined the central bank’s pilot on CBDC in 2021.

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