Jung Se-kyun Announces Currency Reform Pledge: "Cash Payments Over 100,000 Won Prohibited"...

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] Jeong Se-gyun, a presidential candidate from the ruling party, announced a currency reform pledge on the 17th. The pledge includes banning cash transactions over 100,000 won and ensuring all transactions are conducted using digital currency.

Jeong held a press conference at the National Assembly to announce his digital economy pledge and revealed this plan. He stated, “Looking at last year's payment amounts by payment method, the average transaction amount using cards was about 42,000 won,” adding, “Therefore, even if cash payments over 100,000 won are prohibited, citizens will not experience significant inconvenience.”

Jeong explained that by creating a cashless economy through the use of digital currency, citizens can alleviate anxiety related to face-to-face transactions during situations like COVID-19, and companies can increase transparency in fund transfers.

He continued, “The Bank of Korea will issue blockchain-based digital currency (CBDC), and all transactions will be conducted through it,” adding, “Once the Bank of Korea issues digital currency, all money will exist within wallets, which will change the role of commercial banks that have focused on deposits and loans.”

Jeong said, “Currency reform without physical money will improve transaction transparency for individuals and businesses, prevent corruption, and dramatically enhance national productivity,” and added, “During this currency reform process, we will carefully ensure that digitally disadvantaged groups such as low-income and elderly populations are not financially excluded.”

This content was produced with the assistance of AI translation services.