South Korea to create its own cryptocurrency

3 weeks ago

South Korea’s central bank is developing a pilot digital currency.

The regulator is looking for partners through open bidding so that the currency could be launched in test mode. According to bankers, their own cryptocurrency will modernize South Korea’s financial system, speed up domestic and international payments, and prevent threats from other cryptocurrencies.

The decision to create its own digital currency was prompted by a significant reduction in the share of cash transactions.

The platform with the pilot cryptocurrency will consist of commercial banks and retail outlets. People will be offered to make payments via cell phones, transfer funds to personal accounts and open deposits.