The Bank of Korea is seriously considering the possibility of launching a Central Bank Digital Currency (CBDC) into the world’s third-largest cryptocurrency market.
Considering a Cashless South Korea
The Bank of Korea has officially confirmed that it has launched a study into cryptocurrencies, with plans to offer official recommendations regarding the digital assets. According to The Korea Times, the central bank also plans to consider introducing a Central Bank Digital Currency (CBDC) before July. Stated the bank:
A taskforce has been studying the possibility of issuing a CBDC and how digital currencies will influence the country’s overall financial sector since January. We will announce updates on this issue by the end of June.