Samsung Electronics and the Bank of Korea have formed a partnership to research Central Bank Digital Currency (CBDC) technology that can facilitate offline transactions. The collaboration aims to eliminate the reliance on the internet and introduce a new phase of smooth offline transactions. Samsung Electronics participated in the Bank of Korea's two-part mock testing of CBDC last year and helped develop an offline CBDC technology that makes transactions and payments between mobile devices via near-field communication without an online connection using Samsung’s security chip, the embedded Secure Element. The two companies will work on enabling users to access transactions and payments through Samsung’s Galaxy smartphones and Galaxy Watch even in situations when online networks cannot be accessed. The adoption of CBDCs is accelerating around the world, but there are still concerns about privacy and security.