BOK Pessimistic about Central Banks Being Digital Currency Hub

Write : 2017-10-02 14:41:14 Update : 2017-10-02 14:46:48

BOK Pessimistic about Central Banks Being Digital Currency Hub

The Bank of Korea(BOK) has expressed pessimism about transforming itself into a digital currency hub, as several central banks across the world began to experiment with the idea.

The BOK made the assessment in a report released on Monday, saying the chance is low central banks will soon issue digital currencies. It said even if it will happen, such digital currencies will likely be used as a means of payment between commercial banks or central banks.

The South Korean central bank said there are also legal, technical and cultural barriers to using central bank-digital currency for the general public.  

The BOK said issuance of digital currency will make the central banks deal directly with the public’s saving accounts, claiming it contradicts the reason of existence for the central banks. It said many countries are also forbidding their central banks’ direct transactions with the public.

The BOK report also said the central banks also need an around-the-clock system for settlement, something which is not only technically difficult, but also will leave the central bank vulnerable to computer hacking schemes from around the world.

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