Korean central bank launches legal advisory for digital currency

But BOK denied that they are preparing for an actual launch of a digital currency.

The Bank of Korea has launched a legal advisory group for central bank issued digital currency (CBDC), reports Yonhap.

The six-member panel will help review legal issues related to the possible issuance of such currency in the future.

It consists of law professors and legal practitioners who will provide legal consultations on the issue, according to the central bank.

However, BOK denied that they were preparing for an actual launch of a digital currency, saying that it is only preparing “just in case.”

The BOK said the legal advisory council will be in place for the next 12 months until May 2020. The regulator will review the need for the panel to operate further than that “at a later date.”