BANKING TECHNOLOGY | Staff Reporter, Korea

South Korea has no plans to issue a digital currency soon

The central bank said there is no immediate need to introduce such currency.

South Korea’s central bank has waved off speculations regarding its position on virtual money after announcing that it has no immediate plans to issue authorised digital currency in the near future, reports Yonhap News.

Also read: South Korea to allow payment via QR code by 2019

The decision comes after the Bank of Korea (BOK) completed a study on the prospects of a central bank digital currency (CBDC) or fiat money issued by central banks and governments. The study explored the legal and social implications of CBDC.

The regulator sees no immediate need to introduce CBDC in the near future, according to the report, even as small economies like Sweden and Tunisia consider the implementation of digital fiat currency to supplement their settlement systems.

"We have no plans to issue any type of CBDC that is available for all people in the near future," an BOK official said in a briefing. "We have to work further on benefits and costs of CBDC implementation first."

In contrast, Thailand has adopted a more open stance as its central bank is in the process of developing its digital currency in collaboration with the country’s major lenders as part of ‘Project Inthanon.’

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.