CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,100.00
  • ethereum
    ETH$1,895.49
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Bank Of Korea Will Examine Central Bank Digital Currencies Closer

    Bank Of Korea Will Examine Central Bank Digital Currencies Closer

    Author: Jordan Lyanchev

    Last Updated Jun 15, 2020 @ 07:48

    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.

    The report also outlined recent comments from BOK’s Governor Lee Ju-yeol, where he underlined the necessity for the bank to enhance the research and development processes for CBDCs. He added that “digital innovation is a crucial task private lenders, as well as central banks, should embrace amid the rise of contactless payments.”

    Bank Of Korea Seoul. Source: Bloomberg
    Bank Of Korea Building Seoul. Source: Bloomberg

    Korean CBDC Still Not Certain

    Although the bank is evidently increasing its efforts in researching the merits of releasing a CBDC, the Asian country is still dismissive of the idea. The legal panel starting today will be a part of the more extensive test program initiated earlier this year.

    ADVERTISEMENT

    Upon announcing the nearly two-year-long testing phase, bank officials emphasized the lack of pressing demand for a CBDC in the country. However, BOK wants to be prepared if the situation changes, and it has to react swiftly.

    South Korea might be falling behind other countries that are already enhancing their CBDC developments. Arguably the most advanced nation on the matter is China. The country has attempted numerous real-life tests of its CBDC within different regions.

    As such, a recent report informed that China might be closer to officially launching its digital currency sooner than the majority expects.

    The release of a CBDC could impact global finance, as the US Federal Reserve recently noted. The research arm of the Fed even argued that if government-backed digital currencies tone down any plausible associated risks, they could replace commercial banks to some extent.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • bis_report_cover
      Central Banks Want Digital Currencies Because they Fear Bitcoin
    • DB_building_logo_cover
      Central Bank Cryptocurrency Could Incite Social Unrest, Deutsche Bank Says
    • china_cover
      People’s Bank Of China: The Country Should Be The First To Issue A Digital Currency
    Tags: Banks CBDC China Federal Reserve South Korea
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$27,100.00
  • ethereum
    ETH$1,895.49
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!