The Bank of Korea Reviews Issuing Central Bank Digital Currencies
The Bank of Korea Reviews Issuing Central Bank Digital Currencies
  • Yoo Mi-ja Reporter
  • 승인 2019.12.28 05:51
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The Bank of Korea
The Bank of Korea

 

The Bank of Korea (BOK), South Korea’s central bank, sets up a dedicated task force to strengthen central bank digital currencies (CBDC) research. According to a BOK official, CBDC research experts are being reinforced by the end of this month and digital currency issuance is under review.

Meanwhile, the BOK plans to keep watching on monitoring the progress of issuing digital currencies by major national central banks and maintain actively engage in relationships and discussions with relevant international organizations such as Bank of International Settlements (BIS). BIS and IMF have long stressed the need for CBDC.

According to the Bank of Korea’s "Monetary Policy for 2020." which was released on Dec. 27, the BOK will review what is needed to improve the operation of price stabilization targets and the impact of monetary policy, and strengthen research on ways to maintain stability in the financial system and utilize monetary policy measures other than interest rates.

In particular, research on distributed ledger technology, crypto assets, and CBDC will be further strengthened and the stability of the payment system to promote innovation in payments and intensify the monitoring system. BOK also said it will strengthen early warning activities to maintain stability in the financial system while expanding and improving the payment settlement infrastructure in response to fintech innovation.

When the BOK issues a blockchain-based CBDC and tests, it will be smooth to set up a monetary policy with transparent liquidity statistics to stabilize the financial system.


 


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