Round-Up of CBDC News

CBDC Transactions on Galaxy Smartphones

The Bank of Korea is investigating adjustments needed in the payment system if CBDCs are launched. The Kakao consortium and two tech affiliates of the Samsung Group are to run a pilot programme for issuing and distributing CBDCs and looking at transferring money and remittances between countries. The pilot will monitor how they work in the virtual world.

Samsung Electronics will test the functionality of CBDCs with its Galaxy smartphone. Samsung said it will explore if 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 to other connected bank accounts’.

Jamaica Mints its First CBDC

The Bank of Jamaica (BOJ) has now minted its first CBDC ready for issue to deposit-taking institutions and authorised payment service providers. This starts in December when its CBDC pilot stage begins. A legislative amendment relating to CBDCs is promised before the end of the fiscal year.