Seungho Lee, a senior research fellow at Korea Capital Market Institute, has written an opinion piece titled Central Bank Digital Currency: Meanings, Impacts, and Implications.

Lee noted in his report that the Bank of Korea (BOK) needs to adopt a cautious approach in issuing central bank digital currency (CBDC), as there are many technological and legal hurdles to overcome. He suggested the BOK should very closely monitor developments in other countries, and their impacts.

BOK Governor Lee Ju-yeol said on Tuesday (February 23) that the central bank had almost finished the design and technical study of its CBDC, and that a pilot system would be established by March. It would be tested by the central bank in a virtual environment during the second half of the year.

The BOK had said last October that it would test-run the issuing and circulation of CBDC this year. (Reporting by Capital Connect staff)

If you want to read his full opinion piece, please click here.