South Korean Central Bank: - "Crypto and Blockchain to provide cash-free society"

This is the local news token post report on 1st May. It has considered cryptocurrencies and is for its project for cashless society for its blockchain applications. This has been announced recently by the Central Bank of South Korea and the Bank of Korea. It has been mentioned in this report that the bank has started exploring the potential uses of Blockchain and Cryptocurrency.

According to these tokens post, BOK announced the official launch of its cash-free society pilot in the 2017 payment report yesterday. This bank has also set up an organization for the search of digital currency. This is in the form of implementing blockchain and passwords for payment. The main goals of this project are customer convenience and this reduces the cost of production of physical currency.

image source - https://cointelegraph.com/news/south-korean-central-bank-crypto-and-blockchain-to-provide-cash-free-society

They are analyzing the potential effects of cryptographic money on the overall financial system. An analyst at Shinhan Investment Corp said that Kawk Hyun-Soo has much cash to operate. This government has also planned to use this initiative as a means to open the underground economy. In 2016, South Korea spent KRW 53.7 billion '47 million dollars on the physical currency issued.