binance-banner.jpg

Bank Of Korea Will Examine Central Bank Digital Currencies Closer


Bank Of Korea Will Examine Central Bank Digital Currencies Closer

Despite the lacking demand as of yet, the Bank of Korea (BOK) has set up a legal advisory group to review any legal issues before possibly launching a central bank digital currency (CBDC) in the future.

BOK To Review Legal Matters Around CBDC

According to a local report from today, South Korea’s central bank has established a group consisting of a six-member panel. Among those are law professors and legal practitioners, including lawyers and BOK’s legal policy office. They will provide consultations regarding digital currencies issued and governed by the central bank. The panel starts operating today, and it will continue at least until the end of May 2021, the bank has clarified. “We established the advisory group to discuss legal issues surrounding a CBDC and figure out which laws need to be revised or enacted for smooth progress in the BOK’s possible issuance of digital currency,” – said an official from BOK. Read More...