Why the Bank of Korea Is Sensitive to Gyeongju Specialty 'Sipwonbbang'... "Design Change Negotiation"

(Photo by Sipwonbbang Sales Company Website Capture)

The Bank of Korea stated regarding the controversy that the 'Sipwonbbang,' a famous tourist item in Gyeongju, Gyeongbuk, allegedly plagiarized the design of the Bank of Korea's ten-won coin, that "using currency designs for commercial purposes is not allowed," but added, "there are no plans for legal action."

In reference materials released that day, the Bank of Korea explained, "To ensure the proper use of currency designs, we operate standards for the use of currency designs," and "according to these standards, if certain conditions are met, currency designs can be used without separate approval from the Bank of Korea."

They continued, "If the standards do not cover a particular case, prior approval from the Bank of Korea is required to use the currency design," and "major countries such as the United States and the United Kingdom also regulate the use of currency designs through laws or internal standards to encourage appropriate use."

The Bank of Korea pointed out that "if indiscriminate misuse of currency designs for commercial purposes spreads socially, it could encourage counterfeiting psychology, degrade the dignity and reliability of currency, and disrupt the nation's fundamental currency circulation system."

The Bank of Korea is currently discussing design modification plans within a lawful scope so that the manufacturer of Sipwonbbang can continue its regional tourism product sales business. Accordingly, there are currently no plans for lawsuits or other legal actions.

The Bank of Korea explained, "Going forward, we will guide companies that unintentionally violate the usage standards and other necessary matters, and strive to ensure that the public uses currency designs in a desirable manner."

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