BOK allows use of currency designs for commercial proposes

The design of Gyeongju's specialty “Coin Bread,” which was suspected of using the design of the 10 won coin without permission of the Bank of Korea (BOK) last year, can be used without approval from the central bank.

The BOK announced on August 29 that it will revise the "Standards for the Use of Designs for Bank of Korea’s Banknotes and Coins" to allow the use of currency designs for commercial purposes to support creative economic activities and revitalize the economy. It will take effect on September 1.

“Coin Bread” is bread modeled after an old 10 won coin which was first issued in 1966. It was popular as a souvenir of Gyeongju because the front of the bread shows the Dabotap of Gyeongju's Bulguksa Temple, but last year, it violated the BOK's regulations by using the currency design as it was.

The BOK has previously banned the use of currency designs for commercial purposes, saying that it can encourage counterfeiting and falsification and reduce currency dignity and reliability. In the case of a currency imitation, it had to be separately approved by the BOK to use it for profit, and the period of use was only six months.

The BOK said it will classify the use of currency designs into currency counterfeits and general designs and strictly manage currency counterfeits that are at high risk of abuse. Standards for coin imitations will also be newly established. This is because there have been cases where toy coins for infants were deposited into financial institutions. Coin imitations must be 75 percent smaller or 150 percent larger than the current standards.

The BOK emphasized that although it allows the use of currency designs for commercial purposes, it does not allow an inappropriate use of the designs that promote currency counterfeiting and falsification or undermine the dignity and credibility of currency. For example, it pointed out that the use of banknote designs in similar materials and sizes to actual banknotes could be associated with counterfeiting. It is also prohibited to use the figures alone or to alter the appearance of the figures in the design of banknotes and coins.

The BOK said that in case of violation of the standards of use, it may require the parties to take corrective measures, including warning and product destruction, and if the parties fail to comply, it may be subject to civil and criminal liability.

※This article has undergone review by a professional translator after being translated by an AI translation tool.