Korea’s Central Bank Urged to “Seriously Consider” Issuing Fiat Cryptocurrency

A senior researcher at the Korea Institute of Finance (KIF) has called on the central bank to issue digitized tokens of the fiat won as a cryptocurrency over a blockchain.

Lee Dae-ki, a senior researcher at the Korea Institute of Finance (KIF), has suggested that the Bank of Korea (BOK) should “seriously consider” issuing digital tokens of the fiat won on a blockchain. The researcher cites reduced costs, increased transparency and ease of payments for consumers as reasons to adopt cryptocurrencies that have the potential to become a “revolution in finance”, according to a Korea Times report.

“Technology based on blockchain, the distributed accounting database, will show great promise in enabling central banks to improve their defenses against cyber attacks and overall the way payments are conducted between institutions and consumers,” Lee said in the report published on Sunday.

The researcher warned that the central bank is nowhere near creating and issuing digitized Korean won at a time when digital tokens have no legal recognition in the country.

Still, Lee said it’s possible the central bank to issue digital tokens on a blockchain, a move that would lead to a complete overhaul of the banking industry.

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