South Korea Creates Advisory Team for CBDC Lucian
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The central bank of the Republic of Korea has created a legal advisory team to study the technical and juridical features of launching a central bank digital currency (CBDC), Finance Magnates reports.

According to an official announcement, the advisory team includes three professors, two lawyers, and one official from the central bank.

The Korean regulator wants to clarify all the intricacies of launching a national digital currency by May next year. It as also reported that the Bank of Korea might reconsider the further extension of the study by the group at a later date.

In April, the Bank of Korea launched a pilot program to test its own CBDC.

According to the official announcement, the tests began in March and are scheduled to continue until December 2021. The aim of the program is to identify the technical and legal provisions needed to design and issue a digital currency.

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Over the last several months, South Korea quite clear demonstrated its intention to go all-in blockchain.

Previously iHodl reported that the South Korean government is sponsoring the development of a blockchain-based identification system for autonomous vehicles.

The project is led by the Ministry of Science and ICT and the Korea Internet & Security Agency, a state internet technology watchdog.

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