South Korean Central Bank: Crypto And Blockchain To Provide Cash-Free Society

South Korea’s central bank, the Bank of Korea (BOK), has recently announced it is considering cryptocurrencies and blockchain applications for its project for a “cashless society,” local news TokenPost reports May 1.

According to TokenPost, BOK announced the official launch of its cash-free society pilot in its “2017 Payment Report” yesterday. The report mentioned that the bank has started exploring possible uses of blockchain and cryptocurrency, such as applying blockchains and passwords to payments.

The bank has also established an organization for researching digital currency and analyzing possible effects of cryptographic money on the overall financial system.

The major goals of the project are customer convenience and reducing the cost of producing physical currency. In 2016, South Korea reportedly spent KRW 53.7 bln ($47 mln) on issuing physical currency.

The government also plans to use the initiative as a means by which to open the underground economy, which is mostly cash-driven. Kwak Hyun-soo, an analyst at Shinhan Investment Corp said: […]

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