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Bank of Korea says “Crypto and Block chain Role for Cashless Society”

The Bank of Korea (BOK) South Korea’s central bank disclosed that it is allowing crypto currencies and block chain application to go for “cashless society” for its project.

Joseph Young @iamjosephyoung posted on Twitter:


South Korea’s central bank says crypto currency and block chain will allow societies to become coin less.

The South Korean gov’t has been trying to get rid of coins for a long time, many methods have been suggested but it wants to go with crypto currency. 

9:13 PM – May 1, 2018

BOK declared that the official launch of cash-free society started its lead in “2017 Payment Report on 1st may. The bank has started analyzing best possible uses of block chain and crypto currency, like executing block chain and passwords for payments. The bank has organized an institution for research for digital currency and examining all possible effects of cryptographic on all financial regularity.

The main objective of the project is to provide benefits to a customer and to diminish the cost of production of physical currencies. South Korea has spended KRW 53.7 bIn ($47mIn) on emerging physical currency.

The government plans to use scheme as a means to open the obscure economy Kwak Hyun-soo, an analyst at Shinhan Investment Corp said:

It can open the underground economy, and thus enhance equivalence in taxation. The shoe box full of 50,000 won banknotes that you see in movies will disappear in reality (with the advancement of a cashless society).”

The chasing out of physical money in year 2k16 which has began by South Korean government and decided to become a cash-free society till 2020. The BOK has put up an trial by launching a coin less society where the customers could deposits small change from transaction and  can use it as mobile card or prepaid, discount stores, department stores, etc.

In January the South Korean public got confused on crypto currency policy when Ministry of Justice independently announced that it would ban crypto currency trading. In application, the Ministry of Finance said that the government of South Korean will not ban crypto trading confirmed by the Minister of the Office for government Policy Coordination in February.

Earlier before this week, Bithumb the South Korea largest crypto currency exchange is pushing by the government of South Korea for adopting the digital currencies in the country. The exchanges will intent the bank business to make the perceptive use of crypto currency reported by coin telegraph.


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