The ‘Moral Hazard’ of Centralized Cryptocurrencies according to the Bank of Korea

The ‘Moral Hazard’ of Centralized Cryptocurrencies according to the Bank of Korea
ôîòî ïîêàçàíî ñ : bitcoints.com

2018-6-19 23:06

South Korea’s central bank has announced that it does not plan to launch its own digital currency over fears it could destabilize the economy.
According to The Korea Times on Monday, the BoK said that issuing a central bank digital currency (CBDC) could pose a “moral hazard” by adversely affecting monetary policy and its implementation, and possibly causing instability in the market as it effectively doesn’t function like fiat money.
More than that, the Bank of Korea (BoK) went as far as to say that “digital currencies do not perform as money,” in a new report.
The central bank isn’t entirely negative on CBDCs, however, saying that they could “revolutionize” the banking system.
The central bank has been studying the possibility of a CBDC and how cryptocurrencies might influence the financial sector since January, when it set up a task-force to research the technology.

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