[Newsis Financial Forum] "CBDC Competition Begins… Cryptocurrency Controversy in Progress"

Reporter Shin Hang-seop

Enter 2021.05.20. 11:37am Modified 2021.05.20. 11:38am

The 11th Financial Forum 'The Future of

Cryptocurrency ' Forum Participants "Cryptocurrency Forum Timely"

[Seoul=Newsis] Reporter Hang-seop Shin = " Digital currency conversion is essential as the CBDC competition is rushing into the world. Cryptocurrency and blockchain will lead to the creation of a new economy." Lecturers and panelists who attended the '2021 Newsis Financial Forum' held at the Grand Ballroom of the Plaza Hotel Annex in Jung-gu, Seoul on the morning of the


20th analyzed cryptocurrency as follows. This forum, held under the theme of 'The Future of Cryptocurrency', was prepared to present an in-depth vision for cryptocurrency, which has become a national concern due to its highly volatile market price. In consideration of Corona 19 , the number of attendees was limited to around 50, and an online broadcast through YouTube was also conducted.


On this day , Jinyoung Kim, Managing Director of KB Financial Group, Gwangjae Kim, Head of Shinhan Financial Group, Jonghwan Jang, Head of NH Nonghyup Financial Group, Yonggi Cho, Head of NH Nonghyup Bank , Changok Park, Head of Bank Federation , Minki Kim, Head of Credit Finance Association , Soonyoung Soh , Head of Life Insurance Association, and Byeongho Lee, Head of Shinhan Card , gimgiyeop KB Kookmin card Executive, jogyeongsun Daishin Securities Managing Director, yidongyoung a financial investment Managing Director, Phil planting NH investment & Securities Managing Director, Samsung fire hwangsangmin Managing Director, yiyonghyeok Meritz Business, gwonsuncheol DBNon-life insurance directors and others were present.


Kim Hyung-ki, CEO of Newsis, said in his greeting, "In the cryptocurrency market, various conflicts of interest are emerging due to governments' surveillance, regulatory possibilities, and forces spying on market adjustments. Through this, I believe that officials who make policies as individuals and financial institutions as institutions will get tips according to the authorities,” he said.


In a congratulatory speech, Yoon Kwan-seok, chairman of the National Assembly's Political Affairs Committee, said, "Recently, experimentation with currency and the issuance and management of money are politically important beyond simple economic phenomena. It's getting active," he said. Chairman Yoon said, "(The contents of today's forum) will be a lot of reference for legislation related to cryptocurrency."


Next, lectures by Choi Gong-pil, Senior Advisor at the Korea Institute of Finance and Amir A, Chairman of the Global Partnership Forum for Butchery, were held on the case of overseas central bank digital currency ( CBDC ) and diagnosis of the Korean cryptocurrency market.

Senior Advisor Choi Gong-pil said, "Digitalization is a change that shakes its roots, so side effects must be reduced and new things must be viewed with an open eye in order to be shared by many people. can be created and shared.”


Regarding the difference between CBDC and private cryptocurrencies , " CBDC is a direct debt of the central bank, and in that one-to-one exchange with fiat currencies such as cash is guaranteed, its value continuously fluctuates and it is difficult to define the intrinsic value of cryptographic assets such as Bitcoin. "Private cryptocurrency represented by Bitcoin is a coin created for decentralization, and aims for financial transactions that do not expose personal information and do not depend on central institutions."


Regarding cryptocurrencies such as Bitcoin, Senior Committee member Choi said, "Cryptographic assets are not speculative, and it is regrettable that they are only recognized in that way. do," he said.


He said, “The CBDC should focus more on the global financial system and governance issues. At this point in the rapidly developing digital currency era, central banks in each country need to implement inclusive monetary policies in a different way than before.” he emphasized.


Chairman Amir A Dosal said, "Korea is higher than China in terms of population ratio, and cryptocurrencies are included in Korea's top 10 assets. Coins related to financial applications are also open and there is a tendency to excessive short-term investment." As a leader in the money market, it is good to find a way to strengthen the market to attract new investment.”

Finally, a talk show about the future of cryptocurrency was held under the leadership of Professor Tae-Hong Kang of Soongsil University. In this talk gimgeunyoung W. tiahyi ( WTIA ) Chairman, Korea jojinseok digital assets ( ; koda joined to) the Chief Operations Officer, Kim Sung-ho de hash partner and co-founder panel.


Debaters predicted that most of the currently traded cryptocurrencies would disappear. It is analyzed that the cryptocurrency bubble will burst and only a small number of highly reliable cryptocurrencies will survive.


Gimgeunyoung WTIA President " 2-5 should be as the role that obscured the real digital assets in%. There is no place that is now active (the cryptocurrency) like Korea" and " IT companies have come over to the market when the dot-com bubble early It is a replacement for PF (financing), but many companies are just doing it because it is (money). Those companies account for almost 90 % of this market, ” he explained. KODA Chief Operating Officer


Cho Jin-seok also said, "I can't tell you the ratio, but I think a lot of coins are going to disappear." It is not enough for users to judge.”


He added, "I think legal systems and guides are necessary ." He added, "Due to the big incident in 2017 (cryptocurrency craze), the government is outlawing it without looking at it at all."


Debaters expressed their unanimous opinion on the need for a positive policy. If the market is stabilized under the government's policy, job creation and new economy can be created.


Seongho Kim, co-founder of Hashed Partner, said, "I think that the impact of blockchain is much greater than that of the Internet. It can be seen that a new economy has been created where individuals can make money freely in the world of blockchain." "YouTube and various e-commerce sites Just as individuals are making a lot of money in the blockchain, I think there will be many such individuals in the block chain. It would be good if the next generation could have a lot of discussions about how to create competitive companies and live an economic life."


“In the past, the financial system had borders and could be controlled through customs or customs,” said Cho Jin-seok, chief operating officer. said. He predicted, “If we promote this business in the direction of creating a new financial world and expanding the market by creating jobs, good policies and directions will come out.”


Chairman Kim Geun-young said, “The real risk is that China’s CBDCBuild and no criteria for how to pay when asked by Digital yuan in the big picture also provided a bummer "and" was concerned that such a market will come later this year ".


@ newsis.com