The research results revealed that the central bank digital currency (CBDC), which the Bank of Korea is researching, has the same legal character as the existing currency. Not only was the legal basis for the BOK to introduce CBDC, but also the form of issuance, transfer method, and interest payment issues were detailed. However, the BOK has not decided whether to actually introduce CBDC, and is in a position that it is continuously conducting experiments in a virtual environment.
On the 8th, the BOK announced the results of an external research service last year on the subject of legal issues related to CDBC and the direction of enactment and amendment of laws. The research was conducted by Professor Jeong Soon-seop of Seoul National University, Professor Jeong Jun-hyuk of Seoul National University, and Professor Lee Jong-hyuk of Hanyang University. The research report revealed the legal nature of the CBDC, and at the same time checked the BOK’s authority to issue CBDC and whether the CBDC system could be operated.
It is judged that issuing CBDC, an electronic currency, is within the scope of the BOK’s purpose and business as the BOK holds exclusively the right to issue currency. However, to include CBDC, which is not fluids such as banknotes (banknotes) and coins (coins), in the currency, it is expected that separate regulations on the basis of issuance will be required.
