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SEOUL, Dec 2 (Reuters) – South Korea’s central financial institution governor Rhee Chang-yong stated he turned sceptical of the advantages of recent applied sciences associated to Central Financial institution Digital Currencies (CBDC), after latest occasions within the cryptocurrency market.
“If I narrowly concentrate on the know-how of blockchain and new applied sciences associated with crypto, stablecoin, and DeFi (decentralised finance), I’m not so certain whether or not we’re seeing the good thing about this technological growth just lately,” Rhee stated on Friday at a central banking convention in Thailand.
“I used to be extra constructive earlier than, however after seeing the Luna, Terra, and now the FTX points … I do not know (if) we’ll see the actual advantage of this new know-how, a minimum of for financial coverage,” stated Rhee, a panelist at a session on digital forex.
TerraUSD, a so-called stablecoin that was as soon as among the many prime 10 cryptocurrencies globally by market worth, broke its 1:1 peg to the U.S. greenback final Might, plunging in worth along with its paired token Luna and sending the crypto market right into a turmoil.
The market noticed one other rout final month, after one of many world’s largest crypto exchanges FTX filed for chapter, with crypto lending firm BlockFi following go well with.
Reporting by Jihoon Lee; Modifying by Clarence Fernandez
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