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The Central Bank of Korea is studying the effects of cryptocurrency

The Bank of Korea (BoK), the central bank of South Korea, launched a cryptocurrency target group to study the impact of technology on the financial system.

11.Jan.18 6:16 AM
By Daria Zaytseva


The Central Bank of Korea is studying the effects of cryptocurrency
According to a local news agency Pulse News, the bank said that the task force will participate in eight departments, including the financial stability and monetary policy units, to study the impact of the digital currency.

The new group will be managed and serviced by BoK's payment and settlement department, and it will be headed by deputy governor of the central bank Shin Ho-soon, the report adds. BoK also seeks to explore the central bank digital currency within the project.

The announcement follows concerns raised in South Korea that a sharp rise in cryptocurrency prices could affect the traditional financial system.

Earlier this week, six unnamed banks in South Korea were carefully studied by the Korean Financial Intelligence and the Financial Supervision Service for their relationship with the bitcoin exchange ecosystem in the country. At that time, the regulators indicated that they are considering whether the banks comply with their AML obligations when making transactions using cryptocurrency exchanges.

The government already said last month that it would pass to a closer analysis against the backdrop of a growing volume of trading on exchanges, including a possible ban on anonymous trading. Previously, it was said that the South Korean government is intensifying its steps against the bitcoin exchanges in the country.

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