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Mon, December 20, 2021 | 21:36


Policies
Bank of Korea launches legal advisory panel for digital currency
Posted : 2020-06-15 15:37
Updated : 2020-06-15 19:31


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Bank of Korea Governor Lee Ju-yeol bangs a gavel during a monetary board meeting
at its headquarters in Seoul on May 28. Yonhap


By Lee Min-hyung

The Bank of Korea (BOK) said Monday it had launched a legal advisory panel to
review possible regulatory hurdles in issuing a central bank digital currency
(CBDC).

The panel consists of six experts in the finance and IT sectors ― including
professors of commercial law and lawyers specializing in fintech. One of them is
from the BOK's legal policy office.

Starting Monday, the panel will be in operation at least until the end of May
2021, the central bank said.

"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," an official from the bank
said.

The launch of the panel is part of an initial step for the BOK's 22-month-long
plan to develop its own CBDC. The drive started in March this year, and the
central bank is enhancing its research capabilities to finish a pilot test on
issuing a digital currency before the end of 2021.

The BOK established a digital currency research team in February to keep track
of the latest trends at overseas central banks in the possible issuance of their
digital currencies.

Global financial powerhouses ― such as the United States and Japan ― are on
boosting research into CBDCs, in a bid not to fall behind the global financial
paradigm shift. With central banks from a growing number of countries jumping on
the digital drive, the BOK is also speeding up its digital currency initiatives.

In a recent speech celebrating the 70th anniversary of the central bank, BOK
Governor Lee Ju-yeol underlined the need to enhance research and development in
CBDCs, saying digital innovation is a crucial task private lenders as well as
central banks should embrace amid the rise of contactless payment.



mhlee@koreatimes.co.kr More articles by this reporter








 


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