In what seems to be like a shot at other central banks, The Bank of Korea’s financial settlement director, Hong Kyung-Sik has commented saying:
In Korea, we already have advanced payment and settlement infrastructure. In addition, the degree of openness is also internationally high.
He went on to say that money is transferred within the country in a fast, cheap, and secure manner using the app-based solutions already available. The purchases are also made safely via the use of credit cards in Korea.
He also noted that central bank digital currencies would only be made available as a last resort.
The Bank of Korea should promote and support innovation in payment and settlement. Every effort should be made to achieve a balance between efficiency and safety.
I am not too sure if his comment were made after the news that twenty or so German banks came together to discuss a digital Euro. The timing seems very interesting as China are about to release a state digital coin too.
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