Korea to Convert Fiat Money into Cryptocurrency

December 27, 2017

Korea to Convert Fiat Money into Cryptocurrency

Senior researcher at the Korean Institute of Finance (KIF) called upon the central bank for "digitizing" the current fiat money.

Lee Dae-ki, a senior researcher at KIF, suggested that the Bank of Korea (BOK) should "seriously consider" transferring fiat money to the blockchain. According to the Korea Times, the researcher enumerates reducing costs, increasing transparency and simplicity of payments for consumers as the main reasons to support cryptocurrencies.

"The blockchain technology offers great prospects in enabling central banks to improve their safety against cyberattacks and, in general, as a means of payment between institutions and consumers," Lee said in a report published on Sunday.

The researcher notified that the central bank was very much far from "digitizing" the South Korean won, because cryptocurrencies do not have legal recognition in the country. Nevertheless, Lee said that the central bank could issue digital tokens on the blockchain, which would lead to a complete restructuring of the banking industry.

Korea has become one of the largest markets for the cryptocurrency trade in the world, though the Korean government has recently taken a tough line against cryptocurrencies. The Korean authorities have already banned the issue of digital tokens through the ICO. Despite the lack of recognition, the National Tax Service of the country is currently developing new taxes for the owners of the cryptocurrency.


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