South Korean regulator warned against central bank cryptocurrencies

South Korean regulator warned against central bank cryptocurrencies

On February 7, the Reserve Bank of South Korea warned its counterparts from other countries about the risks that, according to the regulator, are related to digital currencies of central banks (CBDC).



A new statement was made shortly after the financial institution announced that it did not intend to issue its own cryptocurrency. CBDC, which can also be understood as a state-supported or government-controlled digital currency, includes a transaction system on the blockchain. In fact, it is a digital analogue of the state fiat currency. However, many analysts criticize this model, believing that the blockchain is more like decentralized cryptocurrencies. Currently, several countries are considering whether the release of CBDC is ...
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