Korea’s central bank has rolled out a legal advisory group to look at potential challenges to bring a central bank digital currency (CBDC) to fruition, The Korea Times reported.
The panel’s start is a portion of the first stage for the Bank of Korea’s (BOK) plan to create a CBDC. While the push began in March, BOK is bolstering its research functions to complete an experimental run for a cryptocurrency prior to the conclusion of next year.
The central bank’s panel includes six people with IT and finance expertise, counting lawyers who have a FinTech focus and commercial law professors. It will work up to the conclusion of next May at the earliest.
A central bank official said, according to the report, "We established the advisory group to discuss legal issues surrounding a CBDC and figure out which laws need to be revised or enacted for smooth progress in the BOK's possible issuance of digital currency.”
In other news, British FinTech Revolut will provide legal control of digital currencies to its users in late July, as it also strengthens control over how customers can use the crypto, CoinDesk reported.
The company will give its “legal owner” status to customers who buy its five available digital currencies, which encompass ether, XRP, litecoin, bitcoin and bitcoin cash in July. However, the revised terms noted that clients “can’t transfer cryptocurrency to anyone who is not a Revolut customer.” Additionally, customers “will not be able to carry out transactions” on their own, according to the report.
Revolut was in the process of growing its digital currency offering in recent times and came into the American market this spring. American customers can open a bank account as of now, but they reportedly can’t trade digital currency. The company reportedly told its users that the policy updates will allow it to grow its digital currency functionality.