As reported in local media outlet TokenPost, The Bank of Korea has released it’s “2017 Payment Report” which includes an official announcement of its Cash-Free Society pilot project. Part of the report also mentioned that the BoK has been working with overseas banking institutes to explore the possibility of applying blockchain technology and password security to payment systems. The BoK had already announced in January that it would initiate research on the impact of cryptocurrency on the financial system through implementing digital money and the possibility of issuing a central bank password. Project goals are said to be increasing user convenience by eliminating physical money and also saving the cost of producing and distributing it. South Korea spent $47 million creating and issuing physical currency in 2016.
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