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South Korean Central Bank: Crypto And Blockchain To Provide Cash-Free Society

South Korea’s central bank, the Bank of Korea (BOK), has recently announced it is considering cryptocurrencies and blockchain applications for its project for a “cashless society,” local news TokenPost reports May 1.

According to TokenPost, BOK announced the official launch of its cash-free society pilot in its “2017 Payment Report” yesterday. The report mentioned that the bank has started exploring possible uses of blockchain and cryptocurrency, such as applying blockchains and passwords to payments.

According to KoreaTimes, the South Korean government began considering phasing out physical money in 2016, and planned to become a “cash-free society” by 2020. In April 2017, the BOK launched a coinless society trial, in which customers could deposit small change from transactions and put them on a prepaid or mobile card to use at convenience stores, discount stores, and department stores.

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