Samsung Electronics and S-Core, a subsidiary of Samsung SDS, have been named as partners of a Kakao-led consortium that was recently selected by the Bank of Korea as the operator of the Central Bank Digital Currency (CBDC) simulation project, according to Korean media reports.

As a result, Samsung Electronics plans to begin a comprehensive simulation study with Ground X, Kakao's blockchain subsidiary. Samsung Electronics will check whether CBDC is compatible with smartphones.

Ground X plans to launch the project on August 23. In the first phase of testing, which will take place until December 2021, it will create a test implementation environment and check the basic functionality of the CBDC. The second phase, which will last until June 2022, will focus on testing the extended functionality of CBDC and the use of personal information protection technology in CBDC.

In addition, Samsung plans to test CBDC's netless payment and money transfer features in its Galaxy smartphones.