BOK Panel to Explore Legal Issues of CBDC Issuance

Source: Regulation Asia Editors, Regulation Asia 2020-06-19

The BOK has formed a legal advisory group comprising internal and external experts to discuss the legal and regulatory issues surrounding a central bank digital currency.

BOK (Bank of Korea) has announced the launch of a legal advisory panel to review possible legal issues related to the launch of a CBDC (central bank digital currency).

The panel consists of six experts in the finance and IT sectors ― including professors of commercial law, lawyers specialising in fintech, and the BOK’s legal policy office head.

The panel started operating on Monday (15 June) and will be in place until the end of May 2021.

“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 a BOK official.

The launch of the panel one of the initial steps in the BOK’s 22-month-long pilot programme to develop and test its own CBDC.

BOK

BOK Panel to Explore Legal Issues of CBDC Issuance

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