Sangjo Kim: "We Are Not Completely Ignoring CBDC... Payment Systems Are Rapidly Changing" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Kim Sang-jo, Chief of the Blue House Policy Office, responded to the call for a digital currency (CBDC) roadmap by stating, "We are not just standing by."

On the afternoon of the 24th, during the National Assembly Steering Committee plenary session, Kim responded to a question from Hong Seong-guk, a member of the Democratic Party of Korea, asking, "Shouldn't the government reveal a roadmap for the long-term plan of CBDC?"

Kim said, "The payment systems that have been in place for hundreds or thousands of years are rapidly changing, and in a situation where alternative payment methods such as stablecoins and cryptocurrencies are emerging alongside central banks, our government is not just standing by," adding, "One of the topics discussed at the expanded macroeconomic and financial meeting the day before yesterday, where all the heads gathered, was CBDC."

He stated, "Furthermore, efforts are underway to stably develop alternative payment systems," but he refrained from elaborating, saying, "It is such a significant institutional infrastructure that it is difficult to disclose the current situation publicly."