BOK Governor: Future Bitcoin Regulation to Treat Crypto as Commodity, Not Currency

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A recent statement from Bank of Korea Governor Lee Ju-yeol suggests that any future regulation of digital currencies by the South Korean central bank will treat them as commodities rather than currencies. His comments came during a National Assembly audit of the central bank. Lee also said that the central bank will “put more emphasis on virtual currency research.”

According to a report from Yonhap News, Lee's comments referenced the Bank of International Settlements’ definition of money:

"It is difficult to look at the example of the International Settlement Banks (BIS) in terms of money. Regulation is appropriate for it because it is regarded as a commodity. It is not regulation at the level of money.”

Lee also talked about the possibility of the central bank issuing its own digital currency “in the near future” and suggested that it would likely be used for interbank and central bank transactions.

The BOK head offered no indication as to when central bank regulation of digital currencies might become a reality. He simply noted, "It is not a situation for the Bank of Korea to take action at present."

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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