Bank of Korea is examining ways to create a cashless society – Shows interest in issuing a digital currency

According to recent news reported by Korea Times, the Bank of Korea [BOK] has shown its interests in introducing a Central Bank Digital Currency [CBDC]. They are currently in the process of exploring the possibilities of the adaptation.

In a statement on Wednesday released by the BOK, the bank has confirmed that it has launched a study of cryptocurrencies and also plans to offer official recommendations regarding the digital assets. They are presently going over prospects of establishing a cashless based economy for national and international developments.

The bank also noted that it was too early to jump the gun as there are many complexities involved in the process of its implementations.

Experts state that CBDC could revolutionize the role of central banks in the financial system. and the way money is provided. The shift from fiat money to digital assets and creating a cashless society was identified when BOK claimed to issue fewer quantities of physical cash.

A Senior Economist at the Samsung Economic Research Institute stated:

“The critical factor that magnifies the way a market moves is sentiment….The BOK’s interest in digital currencies isn’t that new, and is good in terms of market sentiment”

Korea joins the list of exploring a central bank digital currency along with China, Singapore, Sweden, and Japan.

The Bank Of Korea commented:

“A task force 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.”

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