The country joins the likes of Japan, Russia, Iran and China actively exploring a new type of money.
South Korea is setting up a task force to research the possibility of launching a state-backed digital currency, reports the Korea Times. The country joins the likes of Japan, Russia, Iran, China, and others actively taking steps in the space.
The news comes from a report released by the Bank of Korea–the country’s central bank– detailing its commitment to understanding crypto assets and its ongoing research into distributed ledger technology.
“We will actively engage in discussions with the Bank for International Settlements (BIS) and other international organizations, keeping an eye on CBDC development at other central banks,” said the bank in its report.
Earlier in December, the state bank posted a job opening for a digital currency expert and Hong Kyung-sik, the head of the Bank of Korea’s banking and financial affairs division had also mentioned that the bank was exploring issuing a digital currency.
While the report was keen to point out its plan was to “strengthen our efforts for CBDC [central bank digital currency] research” other finance chiefs over 2019 have been much bolder in their claims.