South Korea A central bank is getting closer to digital currency (cbdc) launch, along with a new draft law to create legal terminology for CBDCs.
Harald Kyungje A new bill will reportedly be introduced to the National Assembly soon, and it will include clauses that clarify the legal distinction between cryptocurrencies and CBDCs.
The media outlet reported that according to an unnamed source from the National Assembly’s Political Affairs Committee, lawmakers plan to “explicitly exclude” services related to CBDCs and tokens issued by the Bank of Korea, which will be part of the upcoming virtual Assets have from the prescribed regulation. act.
The plan is reportedly the brainchild of Democratic Party lawmaker and committee member Kim Han-gyu.
Kim reportedly wants to “prevent policy confusion”.
The MP claimed that it is important to “clearly distinguish” between CBDCs and “virtual asset markets”.
Media outlets commented that some regulators and lawmakers were initially concerned that the clause could lead to confusion, and were in favor of leaving it in place.
But the Herald Kyungjae wrote that the mood “has since changed.”
This means that the regulatory Financial Services Commission (FSC) is ready to “make a concession” and officially endorse the clause at a meeting it held this week.
Is South Korean getting closer to CDBC rollout?
Bank of Korea (BOK) is It is yet to officially announce the launch of Digital Jeet,
But it has become an open secret that the nation feels it is outdoing Beijing in the CBDC stakes.
of China digital yuan making rapid progress.
And the coin will create history when it is used next month To pay public service workers “100%” of their salary in the city of 1.5 million residents,
Both BOK and its Japanese counterpart have fast-tracked their own digital fiat projects in recent years.
But neither of them has yet officially said that they will launch a coin.
The BOK is also set to press for further legal amendments.
It may ask the government to clarify the distinction between cryptoassets and a digital KRW in the context of the Bank of Korea Act (1997).
The media outlet noted:
“It is believed that the BoK will accelerate the launch of its CBDC.”