Most Popular
-
1
Same day, different holiday: Mid-autumn festivals across East Asia
-
2
N.Korea could use nuclear weapons at any stage of conflict: Pentagon
-
3
Yoon hosts luncheon meeting with Korean atomic bomb victims in Hiroshima on Chuseok
-
4
Memorials commemorating Itaewon crowd crush to be erected at accident site
-
5
Swimmer, gamers celebrate Chuseok with gold medals
-
6
Opposition leader proposes meeting with Yoon amid growing party feud
-
7
The many regional flavors of songpyeon, a Korean holiday dessert
-
8
NewJeans hits 1 bln streams mark on Spotify with debut album
-
9
Expressway traffic congestion persists on 2nd day of extended Chuseok holiday
-
10
Whisky imports surge 40% through August, suggesting record-breaking year
Korean central bank has no plans to issue digital currency
By YonhapPublished : Jan. 29, 2019 - 13:42
The South Korean central bank said Tuesday that it has no plans to issue authorized digital currency in the near future despite heated debate over virtual money across the world.
The Bank of Korea has completed a study on the prospects for the introduction of a central bank digital currency, referring to a form of fiat money that is issued by central banks and governments.
Its final report said there is no urgent need for the BOK to introduce CBDC in the close future, while other leading central banks including the U.S. Federal Reserve have also denied such possibilities.
Only a few small economies including Sweden and Tunisia are considering the implementation of digital fiat currency as a way to supplement their financial settlement systems.
"We have no plans to issue any type of CBDC that is available for all people in the near future," an unnamed BOK official said in a briefing. "We have to work further on benefits and costs of CBDC implementation first."
He said the report is aimed at brainstorming and checking the legal and social effectiveness of CBDC from a broad perspective.
Further studies on the impact of CBDC realization at the BOK level will continue in a more detailed way, he added. (Yonhap)
More from Headlines
