Bank of Korea: No plans to issue central bank digital currency

The Bank of Korea (BOK) said it has no immediate plans to launch a central bank digital currency. And because of concerns about financial stability, it believes that it is more difficult to adopt similar currencies in South Korea, and the direct use of cryptocurrencies by the public may reduce the deposits and reserves of commercial banks. As of now, the central bank is taking a "wait and see" approach to issuing government-controlled cryptocurrencies or the so-called Central Bank Digital Currency (CBDC).