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South Korea prepares to develop own digital currency

South Korea has begun considering launching its own Central bank digital currency. Reportedly, the country is processing a task force charged with carrying out researches on opportunities, advantages, and disadvantages associated with the CBDC.

With this, Korea will be following the lead of China, which is already in the advanced stage of creating its own CBDC.

Bank of Korea revealed that it is committed fully to understanding the digital currency market alongside related technologies like blockchain.

The bank, in a statement, said they would actively engage in discussions with the Bank for International Settlements and other international organizations, keeping an eye on national digital currency development at other central banks.

Before now, Bank of Korea revealed its desire to hire blockchain and digital currency professionals. In the same light, one of the bank’s officials announced the bank’s plan of launching its own CBDC.

CBDC, with the continuous disrupt of technology, will prove valuable for countries looking to key into ongoing advancement in technology. CBDC is also believed to offer several benefits to the traditional financial infrastructure of using fiat currencies.

The digital currencies offer a free medium of exchange, secure store of value, and price stability. Similarly, they can also work towards discouraging the use of paper money, which is a long-term goal for most central banks.

Alternatively, CBDC represents decentralized digital currencies, thus highlighting why many banks are interested in technology. Crypto adoption could be limited after the launch and adoption of CBDCs. It ensures financial power remains in the hands of central banks.

Japan, Russia, Iran, China are some of the countries that are involved in CBDC projects. Venezuela, however, has a working CBDC, although it’s currently sitting unused by most people.

Muhaimin Olowoporoku
Muhaimin is a journalist and a crypto enthusiast. He believes in the Africa project and sees blockchain technology as a possible solution alongside developmental journalism


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