The crypto revolution is not just limited to bitcoins and altcoins anymore. Blockchain, which is the supporting technology for cryptocurrencies, can also be used to create state-controlled digital currencies as well.
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Now, the very idea of centralizing decentralized digital currencies may seem to go against the grain of the original vision of cryptos, but it will foster a more mainstream integration of both blockchain and digitized tokens.
Lee Dae-ki, a senior researcher at the Korea Institute of Finance (KIF), seems to agree with this sentiment, going as far as advising the Bank of Korea (BOK) to “seriously consider” creating a digitized version of the country’s fiat currency, the won.
According to Dae-ki, the benefits of Blockchain Technology, which would support the digital won, include lower fees, a high level of transparency and easy customer usability. He added that adopting digital currencies could be a “revolution in finance”