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BOK Gov.: Cryptocurrency Has Many Limits as Payment Means

Written: 2021-04-15 16:00:54Updated: 2021-04-15 16:18:51

BOK Gov.: Cryptocurrency Has Many Limits as Payment Means

Photo : YONHAP News

Bank of Korea(BOK) Governor Lee Ju-yeol said cryptocurrency has considerable limitations as a means of payment.

He made the remarks Thursday in a livestreamed news conference following the monetary policy committee meeting.

Lee said the BOK's stance on cryptocurrency hasn't changed from the previous position that crypto assets have no intrinsic value, adding that U.S. Federal Reserve Chairman Jerome Powell shares a similar view. 

The BOK governor noted that it is incredibly difficult to estimate the appropriate price of crypto assets and that prices are highly volatile.

When asked about the potential impact of the central bank's digital currency on the markets, Lee said it is hard to make a definitive comment, saying the issuance would take a long time.

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