The revolution will, but not now: South Korea refused to issue its own cryptocurrency

The revolution will, but not now: South Korea refused to issue its own cryptocurrency

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The central bank of South Korea (Bank of Korea, BOK) does not intend to start state cryptocurrency. Reason is covered in fear to destabilize the market order of country. In the bank sure that creation of the state digital currency can inflict “moral harm” to society. The Korea Times writes about it.

“Desirably, BOK was an only subject, fully supervisory producing of money”, – the statement of BOK quotes edition.

ВOK declared also, that wished to leave after itself a franchise right in realization of monetary politics.

In BOK marked that does not plan to let to the players private sector to produce currencies, because the central bank must have “corresponding control” above the financial terms of the creditors and consumers. Although a target group BOK, that works from January of this year, studies possibility producing digital currency investigates, as virtual currencies will influence on the general financial sector of the South Korea.

The study of the possible producing CBDC was preceded the exit report is a working group Jar Korea studied a question from January, and made decision on the basis her conclusions. In theory a regulator does not eliminate possibility producing national digital currency some time in the future, however marks that additional researches and tests NT must be preceded it in the test mode.

The conclusion Bank of Korea calls with the report Bank of international calculations, that does not see in CBDC no substantial advantages before the existing system. However, BOK sees no advantages in digital currencies in general. On this background of IMF with his recommending central banks to think about producing of CBDC looks really revolutionary.

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