South Korean ruling party chief opposes CBDC rollout

Jang Dong-hyuk, leader of South Korea’s People Power Party, said in a Facebook post he strongly opposes the introduction of a central bank digital currency until complete legal and institutional safeguards are in place to ensure public confidence. Jang said some view a CBDC as a new technology that could improve payment convenience and efficiency, but argued it should not be rushed simply because it is convenient. Jang also said authorities must first answer how far citizens’ transactions could be tracked, whether a path could open to controlling where money is used and how long it can be used, and whether the public’s right to choose among forms of money would be guaranteed.