The Bank of Korea (BOK) reportedly has no plan to issue a central bank digital currency (CBDC) anytime soon, despite heated debate over cryptocurrency around the globe.
A CBDC is a digital currency that is under the jurisdiction of central banks – the issuers of the nation’s currency.
“We have to work further on benefits and costs of CBDC implementation first.” said an executive of BOK. He made his claim after conducting a research on different aspects of CBDC authorization, involving the probably nationwide statutory and community-cordial impact of CBDC. Therefore, the BOK is in no rush to enact such venture, reported Korea Herald (Jan 29).
The official also added that analyses into the prospects and effects of CBDC issuance will be continued in a more extensive and exhaustive way.