Samsung Partners with Bank of Korea to Explore Offline CBDC Transactions

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The decentralized content platform LBRY is unlikely to come up with the money to pay the $22 million fine, therefore the US securities regulator is attempting to modify it. The SEC requested an adjustment to its request for remedies in its successful action against LBRY in a document filed on May 12 in a New Hampshire District Court. The SEC has requested the court to impose a punishment of $111,614 instead of the initial $22 million, noting LBRY’s “lack of funds and near-defunct status.” Additionally, it demands that LBRY refrain from launching any other unregistered offers of securities backed by digital assets. The SEC’s request for $22 million, according to LBRY, was unreasonable and did not consider any of the company’s proper operational expenditures. Due to being “killed by legal and SEC debts,” LBRY anticipated it “will likely be extinct in the near future” in December 2022.

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Samsung Electronics and the central bank of South Korea have collaborated to study the use of central bank digital currency (CBDC) for offline transactions. Samsung and the Bank of Korea (BOK) struck an agreement on May 15 to conduct research on offline CBDCs. Through this partnership, the South Korean CBDC will be able to execute payments and transfers without utilizing the internet by leveraging near-field communication (NFC) on Samsung mobile devices. According to reports, Samsung has hardware certification for the sixth grade of the Security International Common Criteria Evaluation, which comprises seven levels of security functional requirements. Samsung reportedly forbade employees from utilizing generative artificial intelligence (AI) tools like ChatGPT on any Samsung-owned devices or internal networks, despite a strong interest in CBDCs. The use of generative AI technologies has also been prohibited by major banking institutions including JPMorgan, Bank of America, Goldman Sachs, and Citigroup.

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