South Korean central bank to refrain from central bank-issued digital currency

Kwon Oh-ik, researcher in the institute supported by the Bank of Korea, thinks that there will be no astuteness in the launch of the central bank-issued digital currency (CBDC) in the country. This has been reported by Korea Times citing the memo made by this economic expert.

The main South Korean financial regulator will see the increasing destabilization of the market in case it decides to introduce a CBDC, the scientist warns. Apparently, Kwon Oh-ik views the CBDC as a decentralized cryptocurrency with more than one issuer, as he further states:

“It's desirable that the BOK is the only entity to entirely control issuing money because the introduction of a CBDC will raise fundamental questions that go far beyond monetary policy implementation and transmission.”

Meanwhile in the United Kingdom, local analysts are looking into the opportunities of a CBDC strictly controlled by traditional financial institutions. One can read the details in a separate report by Bitnewstoday.

The Russian President has recently rejected the idea of any country having its own cryptocurrency, as he considers this phenomenon to be above the state borders.

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