#Lee #Ju-#yeol, President of #Bank of #Korea ( #BOK), South Korea's central bank, believes that central bank cryptocurrencies (CBDCs) can reduce the demand for Bitcoin and other cryptocurrencies (altcoins). The President of Bank of Korea also emphasizes that this development could kill the demand for BTC and altcoin.
🚨Bank of Korea President: CBDCs could kill the demand for Bitcoin and altcoins!🚨
As reported by #CoinDesk Korea, at an event this week, leading Bitcoin skeptic and Bank of Korea (BOK) President Lee Ju-yeol made important statements. The President of Bank of Korea said that BTC and other cryptocurrencies have limited ability to function as a payment instrument and / or store of value. Bank of Korea President adds the following important statements in his comments:
WHEN THE CRYPTOCURRENCY ISSUED BY THE CENTRAL BANK IS INTRODUCED, THE DEMAND FOR BITCOIN AND OTHER CRYPTOCURRENCIES AS A MEANS OF PAYMENT WILL DECREASE.
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Bank of Korea President: Bitcoin has no unique value!
The South Korean-based Bank of Korea has been investigating the use of CBDC for almost a year. According to the Korea Times, the central bank plans to test its CBDC system by the end of 2021. Many countries, including Sweden, Switzerland, the United States, and Japan, stepped up their efforts to study CBDC. China is currently testing a digital version of the yuan.
According to the South Korean business newspaper Money Today, Lee Ju-yeol said at a press conference last month that he accepted the US approach to CBDC in terms of giving priority to quality improvement over speed . The President of Bank of Korea also recently stated that he believes Bitcoin has no unique value.
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What is the latest in the price of Bitcoin (BTC)?
Leading cryptocurrency Bitcoin is trading at $ 59,700, up 3.3 percent at the time of writing. The flagship of cryptocurrencies currently has a market capitalization of $ 1.1 trillion. At the time of writing, Bitcoin manages a trading volume of $ 55 billion in the last 24 hours with market capitalization.