As of July 18th 2017, the won exchange rate was 1,123.96KRW = 1 USD.The Department of Justice charged Tian Yinyin and Li Jiadong with laundering over $100 million worth of cryptocurrency to benefit co-conspirators in North Korea. The government plans to scrap off the use of coins by 2020 as the economy shift from physical to digital currency. Several modifications have been done on the banknotes including the introduction of sophisticated security features. The notes in circulation in South Korea are in denominations of в‚©1000, в‚©5,000, в‚©10,000, and в‚©50,000. The в‚©1 and в‚©5 are rarely used in circulation because the prices of goods have been rounded to the nearest 10 won. The coins in circulation in South Kora are the в‚©1, в‚©5, в‚©10, в‚©50, в‚©100, and the в‚©500. The currency is annually released to commercial banks around the Korean holidays of Seollal and Chuseok. The Bank of Korea reserves all the rights to produce the won. The Bank of Korea is responsible for issuing the won it should be noted that the South Korean Won is different from the North Korean Won used in North Korea. Jeon are not used for everyday transactions within Korea but are limited to currency exchange and international trade. The won (symbol: в‚© code: KRW) is the official currency of South Korea. Its official currency is the Korean Republic Won. The country depends heavily on international trade and therefore needs a stable currency that fluctuates less and sustains a favorable balance of payment. The countryвЂ™s experience in developing infrastructure and better living conditions saw it transform to a dynamic economy. The Currency of South Korea is the South Korean won South Korea, on the other hand, continued to use the Taegukgi and officially adopted it on October 15, 1949. However, a few years later, North Korea adopted a new design for its flag. Following World War II and the division of the Korean Peninsula into two zones, the Taegukgi remained in use in both the zones. This flag remained in use even after the annexation of the peninsula by Japan. It had a ying-yang symbol at the center and four trigrams surrounding it. Finally, in 1883, the Taegukgi, the flag of Korea, was officially adopted. For several years, discussions related to the flag took place. However, a flag was not immediately adopted. However in 1876, during the signing of the Japan-Korea treaty, Korea first faced the issue of the absence of a national flag as Japan displayed one of its own during this time. History of the FlagДЇor a long period of time, Korea did not have any national flag. The trigrams together symbolize harmony and movement with each of the trigrams representing the various classical elements.The three black unbroken bars (upper left) symbolize heaven, the trigram (lower left) symbolizes fire, the trigram (upper right) symbolizes water, and the three broken bars (lower right) symbolize earth. The red and the blue halves of the Taeguk represents the positive cosmic and the negative cosmic forces, respectively. The Taeguk, a red (top) and blue yin-yang symbol at the center, symbolizes the balance of the universe, a concept that is based on the traditional um-yang philosophy of the region. In the 19th century, Koreans wore a white-colored traditional daily attire and included the tradition on their flag. White is one of the traditional colors in the culture of South Korea. Each corner of the flag also features a black trigram, making it four trigrams on the flag.В The national flag has a height to length proportion of 2:3. A Taeguk (red and blue disc) is located at the center of the flag. The flag has three main parts a white background, Taeguk, and trigram. Although flag of South Korea was officially adopted on October 15, 1949, it had been in use as early as 1800s.

Korea currency