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Bank of Korea Governor Calls for Action on CBDCs

According to Lee Chang-yong, governor of South Korea’s central bank, central bank digital currencies (CBDC) have become an absolute need, and the time to act is now.

The decision to issue a CBDC has not been made by the Bank of Korea yet, and the complexity and preparation required to produce one have been emphasized.

Chang-yong stated at the “2023 MOEF-BOK-FSC-IMF International Conference on Digital Money” held at the Four Seasons Hotel in Gwanghwamun, Seoul, that CBDC is a research project that the central bank can no longer postpone. This was in reference to the recent advent of stablecoins.

Chang-yong questioned whether the system would operate stably if stablecoins became widely used as a digital payment mechanism.

The popularity of digital currencies has been on the rise recently. The Korean Ministry of Economy and Finance, the Bank of Korea, the Korean Financial Services Commission, and the International Monetary Fund organized the 2023 MOEF-BOK-FSC-IMF International Conference on December 14 and 15, focusing on the topic of Digital Money: Navigating a Changing Financial Landscape. The Korean Ministry of Economy and Finance, the Bank of Korea, the Korean Financial Services Commission, and the International Monetary Fund organized the conference.

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Prominent academics, politicians, and market participants from all over the globe gathered at the conference to talk about the pros and cons of digital money.

South Korea to Prioritize Innovation

Kim So-young, VP of the Financial Services Commission, highlighted the importance of rules that strike a balance between protecting investors and encouraging innovation, as previously reported. At the same conference the day prior, Kim also gave a speech.

Looking back on South Korea’s regulatory history, the country passed a law earlier this year to regulate virtual assets and safeguard investors. In July 2024, this regulatory framework will supposedly go into force.

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