South Korea is an important region when it comes to cryptocurrencies. It now appears the country’s central bank wants to begin researching central bank digital currencies in the near future.
Numerous countries see merit in creating national digital currencies.
More Central Bank Digital Currencies are Coming
Such projects are often referred to as central bank digital currencies, or CBDCs.
For the time being, it remains to be seen which nation will try its hand at issuing such a currency in the future.
One country throwing its hat into the mix is South Korea.
More specifically, the Bank of Korea has made its interest in such a research project very clear.
This does not mean the bank will issue its own central bank digital currency in the future, or ever.
Cryptocurrency assets have gained a fair bit of popularity in recent years.
Even banks acknowledge that they make it somewhat more convenient to send and receive transactions.
More importantly, their underlying technology makes it very cheap to move large sums of money around the globe.
As more Asian countries enter the CBDC space, it was a matter of time until South Korea did the same.
Both China and Japan have shown an interest in creating such digital forms of money in the years to come.