‘CBDC not a ne­ces­sity for Korea’

Banking Frontiers - - News Regulator -

The Bank of Korea is of the view that a central bank dig­i­tal cur­rency is not a ne­ces­sity for at least de­vel­oped coun­tries. Hong Kyung-sik, di­rec­tor of fi­nan­cial set­tle­ment at the central bank, told a con­fer­ence on pay­ments in Seoul that in Korea, as in most ad­vanced economies, there is very lit­tle need for a CBDC. The coun­try al­ready has ad­vanced pay­ment and set­tle­ment in­fra­struc­ture. In ad­di­tion, the de­gree of open­ness is also in­ter­na­tion­ally high, he said at the con­fer­ence. He added that money can be moved quickly, cheaply and safely in the coun­try uti­liz­ing app-based solutions and by bank re­mit­tance, and pur­chases can be set­tled ef­fi­ciently with credit cards. Open bank­ing is also be­ing de­vel­oped in Korea, with APIs al­low­ing for seam­less con­nec­tions to and be­tween fi­nan­cial in­sti­tu­tions, he pointed out.

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