The central bank of South Korea’s, the Bank of Korea, has formed a formal legal advisory group to address the associated issues surrounding a possible central bank-issued digital currency ‘CBDC’ launching.
In line with a recent official press-release published by the bank of Korea, the group includes six experts, namely three professors, two lawyers along with one BOK official.
However for this period of time, the BOK’s CBDC plans aren’t set in stone.
Notably, back in April the bank of Korea launched a 22 month-long pilot scheme to assess the logistics of issuing a CBDC, meaning that the program will operate longer than the newly appointed legal advisory group.
The earlier announcement in April revealed that the BOK doesn’t see an urgency to release a CBDC in South Korea , but wishes to be prepared just in case the govt. decides to think ahead and introduce its own digital won.
The Concept Of Digital Won
A recent article from the native reporting media ‘Yonhap’ suggests that local merchants are prepared in accepting CBDC’s, even ones issued by foreign central banks.
Moreover, the article focused that domestic retailers are increasingly considering taking advantage of China’s upcoming digital currency, the digital yuan, once the Covid-19 related travel restrictions lift and Chinese tourists visit South Korea again.
In line with a recent report, Glenn Woo, Ledger Vault’s head of the Asia-Pacific region, predicted that China’s state-backed virtual currency would be expectedly the first one to be launched globally.