Bank of Korea report calls for new laws on CBDC issuance

Bank of Korea, Seoul

A central bank digital currency (CBDC) is legally a fiat currency and should be under the central bank’s jurisdiction, says a report published by the Bank of Korea on February 8.

The report, co-authored by group of professors from Seoul National University and Hanyang University, says South Korea would need to establish new laws for the BoK to issue the digital currency. Under the Bank of Korea Act, the Korean central bank can only issue paper money and coins.

The new laws should also address

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