Bank of Korea: CBDC will be tested on Samsung Galaxy phones
The central bank of Korea is piloting a digital currency with Samsung, a South Korean multinational firm.
Bank of Korea announced that it would make an offer to select its technological supplier for the central bank digital currency (CBDC). Ground X, whose Klaytn platform will host the CBDC, was given the contract despite tough competition.
The objective of CBDC is to provide an alternative for physical currency. Most countries are currently investigating CBDCs, including South Korea’s rival China, which has been testing its digital yuan.
The Bank of Korea’s pilot, which launched on June 28 this year, the digital payment will be tested using Galaxy mobile phones.
The objective of this pilot program is that whether it is “possible to conduct payments via mobile phones using the digital currency with no internet availability or to send CBDC remittances to other mobile phones or other connected bank accounts,” an anonymous bank executive said.
There will be an additional tax on the electricity bills of those who work from home
Federal Board of Revenue (FBR) member Internal Revenue Operations Qaiser Iqbal has...
Shipment of imported sugar for utility stores reached Pakistan
A consignment of 28,760 metric tonnes of imported sugar has reached Pakistan....
FBR server disruption, difficulties for online tax return submitters
Online Federal Board of Revenue (FBR) server disruptions have caused severe problems...
Pakistan Stock Exchange (PSX) witnessed a sharp decline
The Pakistan Stock Exchange (PSX) witnessed a sharp decline last week, with...
State Bank of Pakistan (SBP) has imposed new conditions on loans
The State Bank of Pakistan (SBP) has imposed new conditions on loans...