BOK establishes legal panel for Korea digital currency, ‘just in case’

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The central bank of Korea (BOK) has established a legal advisory group for Korea digital currency or CBDC. Although this could be defined as another step by the country in launching a national digital currency, however, the bank said it doesn’t mean they are actually preparing to launch Korea digital currency. 

BOK makes yet another step to Korea digital currency

On Monday, a local news outlet, Yonhap News Agency, reported that the central bank of Korea established a six-member legal advisory group, which consists of legal practitioners, and law professors, to keep tabs on the concept CBDC, just in case they need to launch Korea digital currency arises.

The legal panel has been tasked with making legal consultations on the concept of central bank digital currencies. However, this does not necessarily mean that the country is preparing to release a national digital currency, at least for the moment. BOK sees the development as a necessary preparation for CBDC, “just in case.”

Notably, the central bank reiterated a similar statement of ‘no actual preparation to launch CBDC,’ during the launching of a CBDC pilot program in April, to test the technological capabilities of such digital currency. Yet, it kept on making advanced steps towards a supposed launch of Korean digital currency. 

CBDCs on blockchain

At that time, the central bank said it sees slim chances of launching a central bank digital currency in the future, given that there is still demand for fiat currency and also a competitive payment service market. However, the bank added: 

There is a need to be able to quickly take steps in case market conditions at home and abroad change rapidly.

In May, BOK released a report detailing how central banks are keeping tabs on the potential launch of CBDCs, and how it could benefit blockchain technology. Meanwhile, among several countries preparing to launch a national digital currency, China seems to be the lead and might be the first country to release a central bank digital currency.

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