South Korea's central bank says there are no plans to launch a CBDC anytime soon

29 Jan, 2019 | Updated: 29 Jan, 2019
by Richard Allen
News
South Korea's central bank says there are no plans to launch a CBDC anytime soon

The central bank of South Korea, the Bank of Korea (BOK), has stated that it has no intentions of launching a central bank digital currency anytime soon, the Korea Herald reports.

The bank recently completed a study on the prospects of launching a central bank digital currency (CBDC) and concluded that there is no urgent need for the BOK to introduce a CBDC in the near future.

"We have no plans to issue any type of CBDC that is available for all people in the near future," an unnamed BOK official said. "We have to work further on benefits and costs of CBDC implementation first."

He added that the BOK is now planning on conducting a more detailed study on the likelihood and impact of a CBDC.

A recent survey conducted by Bank of International Settlements has revealed 70% of central banks consulted said that they are involved in some type of project involving digital currencies.

Read more: Will Bitcoin replace fiat money?

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