The central bank of South Korea, The Bank of Korea (BOK) made clear that they don’t have a plan to issue a central bank digital currency anytime soon according to the information coming to our altcoin news website from Korea Herald reports on January 29.
After a study for domestic CBDC issuance was conducted, the BOK concluded that there is no longer need to work on such a project in the near future. A BOK official told to the Korea Herald:
“We have no plans to issue any type of CBDC that is available for all people in the near future. We have to work further on the benefits and costs of CBDC implementation first.”
He also added that the Bank of Korea now plans to conduct more detailed studies even further so they can understand the prospects of issuing a central bank digital currency.
A central bank digital currency is a digital currency that is issued by a certain central bank and has the status of a legal tender such as fiat money or other centralized properties.
For example, after a survey was conducted from the Switzerland-based bank for international settlements which are consisted of the world’s 60 central banks, found out that nearly 70 percent of the central banks around the world are continuously working on different researchers on CBDC issuance.
It’s important to notice that only five out of the 60 central banks that took part in the survey, actually progressed to run a CBDC pilot including the central banks of Sweden and Uruguay. The current stance of the governments around the world in general towards CBDC issuance is unclear.
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“Rug pull senses tingling. I managed to make it here up in $BTC, up in $USD. Going to keep it that way – tethering ~75% of my $crypto holdings. Playing with the rest. Maybe I get left behind, but I don’t think so.”Despite Bitcoin's increased dominance which now sits at its all-time high of 54.2%, the technical perspectives show that the great altcoin boom on the market is likely to produce a boost - and that the future altcoin news may show us a lot of new capital and confidence from investors. However, this altcoin boom is only possible if Bitcoin sees a strong upside movement and stabilizes above the crucial resistance levels. Currently, the daily spot volume of BTC is at around $580 billion which is still a big up since the first week of March - and a good sign that the great altcoin boom may be around the corner.
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