South Korea and Their National Digital Currency
South Korea is making their best efforts just to be able to gear up right for the “Systematic Groundwork” for the spread of the digital currency. South Korea’s Yonhap agency in which was the country’s host of the recent, 12th FinTech Center Demo Day Event right where the Chairman of the Financial Services Commission or the FSC, Yim Jong-Yong has affirmed that the South Korean government would also offer the summation of over $2.65 billion right in the financial support over the next three years for the development of the FinTech sector. And it has been reported that the new Bitcoin-centric events in South Korea in these recent times and how the things are quite changing swiftly in Korea in sync together with the developments in the United States of America, Japan, and the other nations.
The thrust right for a national digital currency is not that new. Several of the other countries have been toying with the idea particularly including the Netherlands, United Kingdom, Canada and even China. And we all knew right from the Yonhap news release that while a consortium right on the Blockchain will be launched this year by the government. And it is quite significant to point out here that the FSC is the South Korean office was being responsible right for the financial services. And they even recently have also launched the world’s first FinTech open platform to be able to ease the development of the innovative FinTech services. And the FSC describes the future of this particular platform right on their website that, “The Korea Financial Telecommunications & Clearings Institute and the Koscom will be able to provide the virtual data and the simulation environments right for the FinTech firms to be capable of run testing the operations of their FinTech services and to have the ability to offer the technology consulting services. And the Financial Security Institute will ensure every single person the constancy of the FinTech services and the financial consumer’s safety right before the launch of the services.”The case for a cashless world has came across? There are obvious benefits right to the digital currencies. The triumph of the Bitcoin has fully shown already that a digital currency can truly co-exist together with the traditional paper currencies and also facilitate the movement of the funds cheap and efficiently right in the global market. The question now that probably lingers each and every single corner of the world is whether these digital currencies that were issued by the nation-states will be able to become the mainstream right within our lifetime and if so, what figure they will presume. Last October this year, the New Yorker has carried an article entitled with the “Imagining a Cashless World” written by Nathan Heller. The author has quoted Kenneth S. Rogoff in which was the former Chief Economist at the International Monetary Fund and also the author of the book The Curse of Cash that says that, “The paper currency has become a major barrier right to the smooth performance of the global financial system.” And the professor then goes on to making the case right for a paperless cash world by stating the most of the paper money is being applied to be able to pay the people off-the-book wages or is sitting right in the safe-deposit boxes in Zurich. In this particular effect, the case for the digital currencies becomes stronger if we examine on how the shady elements are utilizing the present paper-based currency.