South Korea's central bank to set up central bank digital currency (CBDC) research task force

The Bank of Korea said on Friday it will set up a special working group dedicated to the study of the central bank's digital currency (CBDC) to better understand crypto assets. In the "Monetary Policy 2020", the Bank of Korea stated that it will continue to play an active role of regulators based on innovative research on distributed ledger technology, crypto assets and CBDC to enhance the security of the settlement system. The central bank also said it would recruit more CBDC experts. However, this does not mean that the Bank of Korea will launch a digital currency soon, a central bank spokesman clarified: "We are only planning to strengthen our efforts on the CBDC."