S. Korea’s Central Bank Forms Legal Panel to Advise on Possible Digital Currency Launch

S. Korea’s Central Bank Forms Legal Panel to Advise on Possible Digital Currency Launch

Bank of Korea building, Seoul (Credit: TK Kurikawa / Shutterstock.com)

South Korea’s central bank is moving ahead with research into digital currencies as it sets up a legal panel to advise on possible regulatory sticking points.

Per an article in on Monday, the Bank of Korea (BOK) said the six-person panel, comprised of legal experts in the financial and IT sectors, as well as one specializing in fintech, would provide guidance and advice to the bank as it develops and tests a central bank digital currency (CBDC).

“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,” a BOK official told Korea Times.

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