According to Bank of Korea Governor Lee Joo Yeol, when central banks release their own digital currencies, the need for cryptocurrencies such as Bitcoin will virtually disappear.
Speaking at the CBDC event, he also said that as a means of payment and storage, cryptoassets have very limited options due to their high volatility.
However, Lee Ju Yeol further added that the concept of central bank digital currencies still requires detailed study, and before introducing a new type of money into circulationit will be necessary to check the technical requirements.
The remarks come as the Bank of Korea is actively preparing to pilot the digital won at the end of the year.
</p>Read this:
The head of the Bank of Korea called the rally in bitcoin quotes a temporary phenomenon
The head of the Bank of England considers the current cryptocurrencies not reliable enough for long-term survival
The head of the Central Bank of France named the advantages that the authorities of European countries can get from the joint launch of CBDC with the private sector
Central Bank of South Korea launched a pilot test of digital currency
The head of the Bank of Russia spoke about the prospects of the digital ruble
South Korea's Central Bank explores digital currency opportunities