The Bank of Korea (BOK) announced on Tuesday that it has launched a task force to study cryptocurrency and its effect on conventional financial system amid growing concerns over cryptocurrency frenzy.
The task force will be led by Shin Ho-soon, deputy governor of BOK, with the assistance of bank’s payment and settlement system department. A total of eight departments including financial stability and monetary policy at the central bank will join the group study on cryptocurrency’s impacts on overall financial system.
The BOK will also explore central bank-led cryptocurrency, a hot discussion topic at the Bank for International Settlements (BIS) and central banks around the world, on top of creating a new team that will specialize in virtual currency later this month.
Recently, we have reported that the South Korean tax investigation into exchange platforms caused a massive selloff in cryptocurrency market.