The Bank of Korea has issued a book on legal issues related to a central bank digital currency, local news outlet Arirang News has learned. The regulator is reportedly calling for revisions to the law in order to establish an environment for operating CBDC.
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It is expected that Korea's CBDC would function on a blockchain network so that people could send money to each other without intermediate.
"Transformation from cash to digital currency could raise GDP by as much as 3 percent. Digitalization of currency would accelerate currency circulation and reduce maintenance costs," Arirang News cites the central bank.
While it remains unclear what legislative framework should be changed, South Korea has been a pioneer of digitalization for a long time. In January, the first financial institution in Korea, Shinhan Bank, announced a strategic investment in Korea Digital Asset Trust, a cryptocurrency custodian consortium established by Korbit, the original Korean cryptocurrency exchange.
While the size of investments remains undisclosed, Shinhan Bank Chairman and Chief Executive Yong-Byung Cho said cryptocurrency custodian is an area where one can make a good use of the bank's compliance capabilities and custody services.
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