Strongly advancing to a new technology, South Korea is proposing a draft law in the National Assembly to determine CBDCs from cryptoassets. This new bill emphaszied by the Democratic Party lawmaker Kim Han-gyu seeks to make a clear distinction between both of them and prevent policy confusion. This advance in the crypto world has been stimulated by the high progress of China's digital yuan, and now South Korea, along with Japan, are trying to advance in their own CBDC projects, even though they haven't officially declared the launch of their digital currency. BOK is asking the government to create some amendments in the Bank of Korea Act to make the difference between a digital KRW and crypto clear. Speculation is high that this legal arrangement will help South Korea to expedite the introduction of its own CBDCs.
Melanie Lee
- 2023-04-25
South Korea Proposes Draft Law on CBDCs and Cryptoassets
South Korea is proposing a draft law to determine the difference between Cryptoassets and CBDCs. This new bill, emphasized by the Democratic Party lawmaker Kim Han-gyu, seeks to make a clear distinction between the two and prevent policy confusion.
