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Monday, May 1, 2017

South Korea’s Central Bank Report Says ‘Bitcoin and Fiat Currency Can Coexist’

South Korea’s Central Bank Report Says ‘Bitcoin and Fiat Currency Can Coexist’

Researchers from Seoul’s Hongik University and members of the Bank of Korea (BOK) have released a paper called “Crowding out in a Dual Currency Regime.” The paper written by Kihoon Hong, Kyounghoon Park, and Jongmin Yu details how cryptocurrencies and fiat monetary systems could collaborate in the future in what the authors call a “dual currency regime.”  

“The rise of cryptocurrencies could have a significant impact on our monetary system as they are privately issued currencies, thus not regulated by central banks,” explains the BOK research paper’s authors.

"The recent emergence of digital currency opens up a new type of dual currency regime in which digital currency, which has no intrinsic value and a government-issued fiat currency coexist. One of the well-known examples of privately-issued digital currencies is Bitcoin."

Full story at http://bit.ly/2pjndkG

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