What does the report of BOK say?
On Monday, The Bank of Korea disclosed that it has no immediate projection of agenda to issue Central Bank Digital Currency, because of the trepidation of moral threat. CBDC is different from crypto currencies, whose printing isn’t under Government control and is not issued by the State. The feasibility review put forward concerns like basic mechanics of monetary policies and the Bank’s leverage on open market relations.
Opinions in the report:
BOK researcher, Kwon Oh-ik claimed that the digit currency don’t function as money. Kwon says in the report:
“We reviewed the possible feasibility of digital currencies as currency; however, our thoughts are that digital currencies have been exposed to various categories of risks associated with credit, liquidity and legal management.”