South Korea Bank Wants to Develop Digital Currency to Compete With Cryptocurrencies

in gjdkhls •  last year 

In order to compete with cryptocurrencies like bitcoin, the central bank of the nation, the Bank of Korea (BOK), is working to create its own digital currency.

In a statement released on Friday, the BOK said that it will introduce its own cryptocurrency by 2020. It will be used for banking transactions between institutions, but not for consumer payments. After discussing with commercial banks and other financial organizations in South Korea, the central bank will launch the digital currency.

BOK governor Lee Ju-yeol stated during a press conference on Friday that the proposed digital currency should be secure, open, and have a high level of confidence.

Over the last year, South Korea has been one of the largest marketplaces for cryptocurrencies in the world, with exchanges recording daily transactions worth billions of dollars at their peak in December 2017.

In an attempt to stop speculation and stop crimes like money laundering, officials have recently cracked down on them and prohibited exchange trading.

Initial coin offerings (ICOs), an unregulated method for businesses or individuals to earn money via the sale of new digital tokens, were previously reported to be on the verge of becoming legalized in South Korea. However, there are a few restrictions that will still apply to this policy change.

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