South Korea Initiates Panel For Central Bank Digital Currency (CBDC) Review
Bank of South Korea has noted that it had started making plans to conduct an in-depth analysis of the modalities required to start up the process of issuance of the Central Bank Digital Currency. The latest news shows the country’s willingness to venture into the digital space and is coming after China announced a massive improvement in their quest to launch their own CBDC. Beijing’s progress with its digital currency, the DC/EP is currently putting all the nations around the globe on their toes and is making their Asian counterparts out in more work as regards theirs.
South Korea unveils CBDC plans
According to the statement released earlier today, the South Korean Central bank has said that it is currently putting together a list of tech-savvy individuals to investigate the modalities required for launching the digital ‘won”. The panel is said to be the first move for the Korean government to lay down the groundwork to launch their digital currency. The panel that was drafted earlier today consists of a representative from each of the participants in firms like finance, IT, commercial law, FinTech, and a legal representative chosen by the Bank of Korea.
If the statement is anything to go by, the panel is due to conclude its investigation by May 2021 after which they will remit their findings to the Bank of Korea. As regards the inauguration of the panel, a spokesperson for the bank was quoted as saying, “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”. The bank said because of the recent 10-year Blockchain strategy, they are looking to begin the pilot test for the digital won in the next 22 months.
South Korea Joins Global race to launch CBDC
With the recent announcement by the Bank of Korea, it firmly states the Asian countries desire to lobby amongst most nations that are currently looking to launch their own CBDC. China is currently in the front foot after they announced that their digital currency is undergoing various pilot tests around the country with big companies like Starbucks and McDonalds helping them. Europe has stated that its own CBDC is still in the discussion phase while France says they have started running tests on a prototype of the CBDC. The United States of America are still adamant that they do not need a digital dollar because their local currency is still very much valuable in the market.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
