A senior researcher at the Korea Institute of Finance (KIF) called on the central bank to issue digital tokens of the legal currency won in the blockchain.
Lee Dae-ki, a senior researcher at the Korea Institute of Financial Research (KIF), suggested that the Bank of Korea (BOK) “seriously consider†the issuance of digital tokens for the legal currency won in the blockchain. According to the Korea Times, the researcher believes that reducing consumer costs, increasing transparency, and streamlining the payment process are all reasons for using cryptocurrencies. Therefore, the use of cryptocurrencies may set off a “financial revolutionâ€.
Lee pointed out in a report released last Sunday:
"Blockchain-based distributed accounting database technology will help central banks improve their defense against cyber attacks and integrate payment between institutions and consumers."
At the same time, the researcher issued a warning that the current digital token has not yet been recognized by domestic laws, so it is far from the time when the central bank created and issued the digital won.
However, Lee said that the central bank is still very likely to issue digital tokens in the blockchain, and this move will also lead to comprehensive reform of the banking industry.
The researcher wrote:
This will revolutionize the banking industry as banks will have to compete with the digital currency system to provide higher interest rates or additional services, which are very beneficial to consumers.
South Korea has developed into one of the world's largest cryptocurrency trading markets, but in fact, the government is still taking a tough stance on digital currencies. The Korean authorities have completely banned the issuance of digital tokens through ICO, a new financing method driven by digital currency. Last week, South Korea’s major financial regulators ruled out the possibility of regulating cryptocurrencies such as Bitcoin, which were not recognized as legal tender by the authorities. Despite the lack of recognition, the Korea Taxation Office is currently designing a tax framework to increase capital gains tax on cryptocurrency users.
Lee pointed out:
“Because it is increasingly difficult for the government to formally state what the cryptocurrency is, the conventional currency or commodities that regulate cryptocurrencies such as Bitcoin have also been hindered. Some countries regard digital currency as a commodity, while others see it as a commodity. For regular currency."
A few weeks before the researchers commented, a Chinese counterpart also issued a similar statement asking the Chinese central bank to issue its own digital currency as soon as possible. As early as a year ago, the People's Bank of China had successfully completed a digital currency test on the blockchain, which is one of the earliest initiatives taken by the central bank to understand the digital currency.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, the content is for reference only.
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