Rumors are flying around that Samsung Electronics is hard at work in developing an Ethereum-based ERC-20 token. It’s still unknown how many versions of the blockchain protocol on top of Ethereum were tested.
A Samsung Coin will definitely be a step further than the blockchain wallet announced for the new Galaxy S10. After the crypto wallet’s release, many experts were puzzled as to why the device doesn’t currently support a bitcoin wallet. After all, if the goal was to get the attention of more crypto users, there was no option more reliable than bitcoin.
The crypto wallet’s main focus being on Ethereum does make a lot more sense if we add the Samsung Coin into the picture. This could also be the answer behind the motive of Samsung’s unexplained rush towards the crypto wallet integration. After all, HTC excluded, no other smartphone developer had integrated a functional crypto wallet feature.
If the Samsung Coin is to see the light of day, it will have to face some regulatory hurdles in South Korea. The country strictly forbids companies from issuing tokens via initial coin offerings (ICOs).
Many companies however, have shifted their focus to overseas markets like Japan and conduct token sales there. This allows them to legally bypass the regulatory frameworks set up by the South Korean government.
There are a few obstacles to tackle before the Samsung Coin can become a reality
The weight of Samsung’s name and reputation however, will probably not allow it to go around local regulations. With the company having a huge influence in many sectors in South Korea, any action undertaken in a developing market like crypto would be pivotal for the rest of the industry.
This means that in order to avoid such a scenario, Samsung is looking towards a private blockchain in a business-to-business (B2) route. A public blockchain isn’t out of the question, but at the moment, that doesn’t seem like a very solid option.
When it comes to ICOs, it’s not very clear if local companies are allowed to establish subsidiaries in overseas markets. This is why Samsung will probably wait out the legal clarifications before any engaging deeper into the crypto sector.
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Tags:crypto wallet SamsungGalaxy S10Samsung blockchainSamsung CoinSouth Korea cryptoSouth Korean regulations