The central bank of South Korea, recently announced that it can use cryptocurrencies and blockchain applications for the project "Cashless Society" that it develops. This is reported by CoinTelegraph.
Bank of Korea reported about cash-free sociaty in its report on payments for 2017. In the document, in particular, it is said that the regulator is exploring the possibilities of using blockade and crypto-currency.
In addition, the Bank of Korea has set up an organization to study cryptocurrencies and analyze their impact on the entire financial system.
It can open the underground economy, and thus enhance equivalence in taxation. The shoe box full of 50,000 won banknotes that you see in movies will disappear in reality (with the advancement of a cashless society).
Analyst, Shinhan Investment Corp
In 2016, South Korea spent $ 47 million to produce cash, and the main objectives of the project are customer convenience and a reduction in the cost of producing physical currency. The government also plans to use this initiative in order to make the shadow economy more open, where mostly cash flows.