The central bank of South Korea, the Bank of Korea, has formed a legal advisory group to assess the issues related to a possible launch of digital currency issued by the central bank (CBDC).
According to a press release issued today by the central bank, the group includes six experts, namely three professors, two lawyers and a BOK official.
South Korean Central Bank Launches Digital Currency Pilot Program
According to the reports, the panel will operate until May 2020, although plans for a BOK CBDC are not explicitly stated.
In particular, in April, the central bank launched a 22-month pilot plan to evaluate the logistics of issuing a CBDC, which means that the program will operate longer than the newly appointed legal advisory group.
South Korean traders open to accept digital yuan
The April announcement emphasized that the BOK does not see an immediate need to launch a Bitcoin Profit in South Korea, but wants to be prepared in case the government decides to go ahead and introduce a digital won.
The digital yuan will probably outperform a digital won
A recent article in the South Korean news program Yonhap suggests that local merchants are ready to accept a CBDC, even those issued by foreign central banks.
China could launch its central bank-issued currency without anyone noticing
Specifically, the article emphasized that domestic retailers have been increasingly considering taking advantage of China’s next digital currency, the digital Yuan, once coronavirus-related travel restrictions are lifted and Chinese tourists return to South Korea.
In a recent interview with Cointelegraph, Glenn Woo, head of the Ledger Vault in the Asia-Pacific region, predicted that China’s state-backed virtual currency will be the first to be launched worldwide.