[02-05-2018]Bank of Korea: Considers Adding Cryptocurrency to Cashless society

[bitzamp.com]

Central Bank of Korea: Considers Adding Cryptocurrency and Blockchain-Based App for its “Cashless Society” Project.
Korea’s central bank (BoK) announced yesterday that it is considering cryptocurrencies and blockchain-based app for its “Cashless Society” project. According to local sources, the report explains that the bank has started exploring the possibilities of Blockchain and other digital virtual currency. Their ideas included applying blockchains and passwords to the bank transactions and payments. They

Read More: https://news.bitzamp.com/central-bank-of-korea-considers-adding-cryptocurrency-and-blockchain-based-app-for-its-cashless-society-project/

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1713586053

[1713586053]

1713586053

[Qartersa]

I think this is a good indication to countries within the Southeast Asian Region because surely other neighboring countries will rely on this development the soonest this is put into action. I believe it all takes time, and perhaps a strong economy to put up with times. In this day and age, the fiat currency is no longer as efficient as it was before because of inflation rate. At the rate it is going now, the value of fiats have greatly declined. With this, it is inefficient to take with us huge amount of money just so we could meet our daily needs, pay bills, among others. Hence, I see a cashless society in the making. I hope this consideration in BoK will open doors to all other cryptocurrencies.