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Felicia Tan
June 17 18:05

Bank of Korea will study the legal aspects of digital won

The Central Bank of Korea announced the launch of a legal advisory group that will assess the need to amend the current legislation to issue the country's central bank digital currency (CBDC). This is reported by The Korea Times.
Legal advisory group is composed of three professors of commercial law, two lawyers in the field of Fintech regulation and a member of the legal department of the Bank of Korea. The results of the research are to be submitted no later than the end of May of the following year.
The launch of the working group was part of the initial phase of the regulator's 22-month plan to develop digital won, which began in March. The CBDC decided to expand its research capabilities to increase its chances of completing testing the CBDC pilot system by the end of 2021.
In February, the Bank of Korea set up a research group on digital currencies to monitor recent trends in foreign central banks regarding a possible issue of CBDC.
In June, the regulator confirmed plans to develop a digital currency (CBDC). This is evidenced by the regulator's economic development program to 2030.