As CoinTelegraph reported from local news sources TokenPost, South Korea’s central bank, Bank of Korea (BOK), recently announced that it is considering crypto money and blockchain applications for its “cashless society” project.
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BOK announced the official launch of its cashless society project pilot yesterday in its “2017 Payment Report”. The report states that the bank has begun exploring possible use cases of blockchain and cryptocurrency. Their main goal is to provide convenience to customers and reduce the production cost of physical money. In 2016, it was reported that South Korea spent approximately $47 million on the production of physical money. plans.