South Korea plans to issue a national digital currency

The Coordination of Public Policy of South Korea reported that the government intends to consider the prospect of creating a national crypto currency. Leading researcher of the Korean Institute of Finance Lee Dae-Kee expressed confidence that the sharp increase of crypto-currencies, including bitcoin, should not be regarded as a threat to the traditional financial system.

Lee is confident that the technology of the distributed registry will allow central banks to improve protection from cyberattacks and a mechanism for remittances between legal entities and individuals. The development of national crypto currency will create an alternative to the existing banking system and solve the problem of speculative trading. According to the expert, this will rebuild the banking industry, as banks will have to compete with digital currency systems, providing a higher interest rate or additional services that will benefit consumers.