Bank of Korea, South Korea’s central bank, is looking for a PhD-level specialist on cryptocurrency to lead its digital innovation research department.

According to local reports, Bank of Korea has said that the individual will focus on researching the viability of a blockchain-based payment system.

The department as a whole will explore various ways to structure and operate a blockchain platform to process transactions.

Local reports speculate that Bank of Korea could be evaluating the practicality of a central bank-backed cryptocurrency, which several countries like China are currently developing.

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However, Bank of Korea provided a rather cautious statement to reports, stating that it is adapting to modern trends and that it still believes central bank-backed cryptocurrency will not be necessary in the imminent future.

“There is no change in our stance that there won't be a need for a central bank-backed cryptocurrency for a while. This appointment is not solely for the issuance of a digital currency,” a researcher at Bank of Korea’s digital innovation research department said.

Bank of Korea’s potential appointment of a team composed of cryptocurrency experts also follows an industry-wide trend of commercial banks actively developing blockchain-related applications.

How far will the Bank of Korea go in its efforts to research digital currencies? Image: Shutterstock

South Korea’s second biggest commercial bank Shinhan, for instance, has been working on developing a cryptocurrency wallet system. It has also been one of the two major banks alongside Nonghyup to proactively support the cryptocurrency exchange market.

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South Korea has already established blockchain technology as one of the key pillars of the fourth industrial revolution. The government has released several blockchain-related initiatives to encourage more young talents to enter the sector in the upcoming years.

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