Calls grow for BOK to issue ‘Dokdo coin’
There are growing calls from lawmakers and some members of the public for the Bank of Korea (BOK) to issue “Dokdo commemorative coins” in a pre-emptive move to increase awareness among the international community that the eastern islets are Korean territory
The issue will likely be discussed at the National Assembly in October after a lawmaker from the main opposition party vowed to bring up the matter in the Strategy and Finance Committee’s audit of the central bank.
“I will talk about this issue again,” Rep. Park Myung-jae of the Liberty Korea Party told The Korea Times. Park is a two-term lawmaker, who represents Pohang Nam-gu and Ulleung County in North Gyeongsang Province.
During the National Assembly audit in 2015, he told then BOK Senior Deputy Governor Jang Byunghwa that the bank should mint Dokdo commemorative coins.
“I will mention the administration’s policy of taking a firm stance against Japan,” he said. “I will say that the BOK must issue Dokdo commemorative coins if the government truly wants to express its confidence.”
His remarks came amid increasing demand for the issuance of such coins after KBS reported Sept. 14 that in July the Bank of Tanzania (BOT) had minted coins depicting Dokdo as Korean territory.
The state-run broadcaster reported the BOT had issued coins having a face value of 3,000 Tanzanian shillings ($1.3) that were legal tender — that is they can be used in monetary transactions. However, the Tanzanian central bank — and the Japanese government — denied this report.
According to the broadcaster, some countries in Africa and South Pacific have minted various types of commemorative coins for profit, after receiving requests from private enterprises. In 2005, the Ugandan central bank released Dokdo commemorative coins with a face value of 2,000 Ugandan shillings ($0.5).
After some Japanese internet users began protesting after watching the KBS report online, Chief Cabinet Secretary Yoshihide Suga said in a Sept. 17 briefing that the news report was a groundless rumor.
The BOT also said in a Sept. 18 press release: “The Bank of Tanzania would like to clarify that these rumors are malicious and unfounded. Further, it has never in any way been contracted be any company to mint such a coin.”
The Ministry of Foreign Affairs is conducting a fact check regarding this matter.
Against this backdrop, a growing number of Koreans began calling on the BOK to issue commemorative coins. “If Japan issues Dokdo commemorative coins, the international community will regard Dokdo as its territory. The BOK should not delay minting Dokdo commemorative coins,” a petitioner wrote on the Cheong Wa Dae website. “Japan, which has described Dokdo as its territory on the official website for the Tokyo Olympics, is highly expected to issue its own Dokdo commemorative coins before Korea does.”
The central bank has remained cautious about issuing such coins.
“The procedure for the issuance of commemorative coins is the same as those for the issuance of ordinary banknotes and coins. If the finance minister approves of the issuance, the Monetary Policy Board will put it to a vote,” a BOK official in charge of note-issuing policy said. w“I think Governor Lee Ju-yeol will clarify our stance on the commemorative coins if lawmakers raise the issue during the National Assembly audit.”
When the matter was brought up to the National Assembly audit in 2014 and 2015, the government said it needed some time to consider the matter, citing a possible diplomatic feud with Japan.