According to the Korea Times, on Wednesday, the Bank of Korea stated it was in the “early stages” of learning cryptocurrencies and the implications of issuing them as a central bank.
A taskforce has been studying the possibility of issuing a CBDC and how digital currencies will influence the country’s overall financial sector since January. We will announce updates on this issue by the end of June.
The Bank of Korea
The monetary official underlined it is presently ‘premature’ to work on whether it would issue a central bank digital currency while insisting that it is keeping an eye on other endeavors by counterparts totally. It`s worh to say that the revelation proceeds a recent announcement by the BOK wherein the central bank affirmed it is concerning blockchain use cases and cryptocurrencies for its ‘cash-free’ society pilot. As the report claimed, the bank has already started exploring potential uses of blockchain in common research with other central banks in order to apply the decentralized technology for payment rails.
South Korea is among the world’s largest cryptocurrency trading markets and has vindicated to be a hotbed for blockchain applications in many fields including shipping, registering a community vote for an entire province, retail insurance payments in Seoul and more.
Korea’s interest into exploring a central bank digital currency gets into a constantly growing list of countries including China, Singapore, Sweden, Japan and a number of others states that are actively studying central bank-issued digital currencies. One of those efforts is forecasted to go live this year according to Antony Lewis, director of research, cash and CBDC strategy at global banking blockchain consortium lead R3.