Central Bank of South Korea explores the possibilities of digital currencies

The Central Bank of South Korea has formed a special working group to study the possibilities of digital currencies and the advantages of state cryptocurrencies.

The group included six internal and external legal experts. They will advise the Bank of Korea on legislation and amendments to laws that must be adopted to issue state cryptocurrency.

Earlier, representatives of the Bank of Korea said that the Central Bank does not plan to issue its own cryptocurrency, since the country still has a high demand for cash. However, in April, a digital won test program was launched, which will last until December.

Most likely, the formation of the working group was only the development and continuation of the pilot program. The group will research digital currencies until May 2021, although representatives of the Bank of Korea did not rule out the possibility of extending its work.

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Recall that recently the Bank of Korea introduced a new 10-year plan for the development of the economy, in which much attention is paid to the blockchain and the development of the state cryptocurrency.

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