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Bank Of Korea Forms Legal Team To Advise On Crypto-regulations

According to an article in The Korea Times Monday, the Bank of Korea (BOK) said the six-man board, contained lawful specialists in the monetary and IT divisions, just as one work in fintech, would give direction and guidance to the bank as it creates and tests a national bank advanced cash (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, speaking to The Korea Times, said.

first set up its team to investigate advanced monetary forms, it said it was more to “keep an eye” on what different nations were doing instead of to make something themselves.

In any case, that changed in April when, as different nations including Japan and the U.S., ended up being moving quicker than initially envisioned. Surrendering its cautious methodology, the BOK bounced into a 22-month experimental run program to create and test another CBDC that could be utilized to supplant physical money.

While the BOK is holding its assets away from plain view, it has dropped a couple of indications. It shows up the proposed CBDC, as it would appear that currently, would piggyback off the settlement frameworks they and other national banks use to empower high-esteem moves between budgetary establishments.

Last Friday, Bank of Korea Governor Lee Ju-yeol portrayed it as “essential” that national banks had all the earmarks of being creating advanced installments frameworks on their constant gross settlement frameworks (RTGS) – interbank installment systems – “to lessen settlement hazard.”

“Digital transformation could move beyond the private sector to the central bank’s payment and settlement system,” Lee said, in a speech marking the BOK’s 70th anniversary. “As an institution responsible for ensuring the safety and efficiency of the payment and settlement system, the central bank needs to proactively respond to these changes.”

“The currently ongoing research and development on central bank digital currency must be carried out as planned,” he added.

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