Bank of Korea Not in Support of Central Bank Issued Digital Currencies

The Bank of Korea (BOK), the country’s central bank,

said Monday it opposes the idea of central bank digital currency (CBDC) as issuing CBDC will raise the basic mechanics of monetary policy and implementation, including the bank’s use of open market operations.

The bank is worrying over concerns

that such a sudden launch of the CBDC will cost society a lot and cause a moral hazard. Also, issuing CBDC could destabilize the market order because digital currencies don’t currently constitute money.

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