The Central Bank of South Korea has formed a special working group to study the possibilitiesdigital currencies and the benefits of state cryptocurrencies.
The group included six internal and externallegal experts. They will advise the Bank of Korea on legislation and amendments to laws that must be adopted to issue state cryptocurrency.
Earlier, representatives of the Bank of Korea said that the Central Bankshe does not plan to issue her own cryptocurrency, as the country still has a high demand for cash. However, in April, a digital won test program was launched, which will last until December.
Most likely, the formation of the working group has becomeonly the development and continuation of the pilot program. The group will research digital currencies until May 2021, although representatives of the Bank of Korea did not rule out the possibility of extending its work.
Recently, the Bank of Korea introduced a new 10-year plan for the development of the economy, in which much attention is paid to the blockchain and the development of state cryptocurrency.
</p></p>Read this:
A major bank in South Korea will add custody service for cryptocurrencies
South Korean Central Bank to set up working group on digital currencies
ECB explores AML anonymity and compliance issues in issuing digital currencies
Bank of South Korea Launches Digital Asset Storage Service
Bithumb sues South Korean tax authority
Central Bank of South Korea is working on a blockchain bond issue