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Coronavirus Tracking and Surveillance May Have Consequences for the Protection of Personal Data Privacy

The World Health Organization (WHO) has recently stated that the coronavirus pandemic is “accelerating,” as 20% of the world’s population goes into lockdown in an attempt to curb the spread of the virus. People are told to stay at home as the world is entering a critical week, with over 381,761 cases confirmed around the world at the time of reporting.

According to statistics, the first 100,000 of confirmed cases took 67 days to appear, the next 100,000 in 11 days, and the next 100,000 in just four days. We are quickly approaching the next 100,000.

However, Tedros Adhanom Ghebreyesus, WHO Director-General said that there was still hope and that it was still possible to “change the trajectory.” He advised countries to continue and adopt rigorous testing as well as contact-tracing strategies.

South Korea

South Korea has been coming up with innovative solutions during its fight against Covid-19, including a “self-health check” app to keep tabs on foreign visitors. The app has been used more than 60,000 times, and the usage rate has recorded over 90 percent.

The government agencies have also been using surveillance-camera footage, smartphone location data and credit card purchase history to trace the movements of the confirmed coronavirus victims to track transmission chains. The government also posted detailed location histories of each coronavirus patient including their whereabouts before they tested positive. This information included when and where the patients went for work, their favorite massage parlors, and karaoke bars. Netizens were able to identify patients by name by using the detailed information released by the government.

However, the Director of South Korea’s Centers for Disease Control and Prevention stated that the country will “balance the value of protecting individual human rights and privacy and the value of upholding public interest in preventing mass infections.” This decision was made as there were concerns that the privacy invasions might have discouraged South Korean citizens to come forward and get tested for the virus.

China’s Alipay and WeChat Pay

Alipay and WeChat Pay, the country’s most used mobile payment systems, have been suggested to provide the information collected from the citizens. The Alipay ewallet, owned by Alibaba Holdings, and WeChat, owned by Tencent, has close ties to the Chinese government. Mobile payments in China reached over $41 trillion annually, with over 92 percent of mobile payments made via Alipay and WeChat Pay.

China has been progressing with the development of its central bank digital currency (CBDC), its digital currency electronic payment (DCEP). It has been revealed that the digital payment system is to replace M0 supply, which are the notes and coins in circulation, and is aimed at the retail market.

Mu Changchun, the Director-General of the Institute of Digital Currency of the People’s Bank of China previously made a comment that the DCEP would “provide redundancy” to China’s “advanced electronic payment platforms” including payment duopoly WeChat Pay and Alipay.

What is blockchain’s role in ensuring personal privacy?

Brittany Kaiser, the Cambridge Analytica scandal whistleblower, discussed in an interview at the World Economic Forum that blockchain technology could be an essential tool to address data protection issues.

The Cambridge Analytica scandal broke out in 2016 when it revealed that the data of over 87 million Facebook users have been reaped through a personality quiz. Cambridge Analytica was involved in US President Donald Trump’s election campaign.

Kaiser is now serving as the co-founder of Own Your Data Foundation, a digital intelligence startup. In her interview, she said, “In my opinion, it’s really blockchain tech and blockchain entrepreneurs that are going to solve a lot of problems of the data protection crisis.” Kaiser believes that personal data is one of the most valuable assets in the world, and blockchain can help people to protect their personal data.

Blockchain technology could potentially enable the protection of personal privacy, while personal information could still be released when needed. Blockchain can track and store personal data, and with its immutable nature, the stored information would remain safe and secure.

Although the immutable feature of blockchain may also have its complications, as the user will not have the option to erase parts of their personal information once it has been stored on the blockchain, which defies the European Union’s General Data Protection Regulation, which ensures all users to have the right to be forgotten.

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South Korea’s Leading Crypto Exchanges Aid Police in Hunting "Nth Rooms" Blackmail Porn Members

The four primary crypto exchanges in South Korea, namely Coinone, Korbit, Bithumb, and Upbit, have reportedly offered to help police investigate the sexual exploitation of underage girls in the “Nth Rooms” scandal that has sparked a national outcry.

Crypto exchanges table vital information

The sexual exploitation of underage school-going girls in South Korea has been happening for years in the “Nth Rooms” incident. Notably, they would be filmed undertaking violent self-harm and sexual acts, and the videos taken were made available via Telegram chat rooms after members made crypto payments.

It is reported that at least 10,000 people utilized these chatrooms after paying fees ranging from $200 to $1,200.

Following thorough investigations by the South Korean police, dozens of victims have been established as the videos usually presented the girls’ addresses and names. Currently, the police have identified 74 people, including 16 underage girls who were exploited.

Crypto exchanges seek to reveal crucial information about this scandal that has left people across the globe mouth agape because of the inhumanity rendered to underage girls. It is alleged that among the 10,000 members in the “Nth Rooms” were famous startup company CEOs, sports stars, popular artists, and professors.

The ringleader of the blackmails and chat rooms was revealed as 24-year-old Cho Ju-bin after at least 5 million South Koreans signed petitions to have him named.

Crypto exchanges heed the call

Following requests by the South Korean police for assistance, the four leading crypto exchanges in this nation seek to comply with this appeal by offering crucial information that will be instrumental in unraveling the culprits in the “Nth Rooms” scandal.

Earlier this month, the country’s national assembly amended the Act on Reporting and Use of Specific Financial Information, and this officiated the legalization of cryptocurrency trading and holding.

Once implemented, this law will be instrumental in averting crimes, such as the “Nth Rooms” scandal and money laundering given that crypto businesses, such as exchanges, wallet companies, and trusts, will be required to have a real-name verification partnership with an approved local bank. As a result, a verified person will be assigned a single bank account where he/she can deposit and withdraw fiat currency to and from an exchange.

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South Korea’s Central Bank Launches Central Bank Digital Currency Pilot Program in Case of Future Necessity

South Korea’s central bank recently announced that it has launched a pilot program assessing the issuance of a central bank digital currency (CBDC). The Bank of Korea has stated that there are no immediate plans to launch a CBDC, however, the pilot program will allow the central bank to be prepared in the future if the changing market conditions require its issuance.

This pilot program comes at a time where China’s central bank digital currency has said to be ready to roll out. Six central banks around the world have come together to create a working group to share experiences on use cases on central bank digital currency. With significant expertise in exploring digital currencies, these six central banks are the Bank of Canada, Bank of England, Bank of Japan, European Central bank, Sveriges Riksbank in Sweden, and the Swiss National Bank, along with the Bank of International Settlements.

The pilot program began in March 2020 and is set to run for 22 months, until December 2021. Theoretical research was conducted a month prior to the launch of the program, and the initial phase will allow the central bank to define the requirements and design of the CBDC, and this phase will take until July 2020.

According to the announcement, the central bank emphasized that the bank will not be pushing out a CBDC any time soon, but the bank wishes to be prepared in case there will be a need for it in the future.

South Korea’s largest bank files trademark application for crypto custody service

The largest bank in South Korea, KB Kookmin Bank has revealed its filing of a trademark application for KB Digital Asset Custody (KBDAC), its crypto custody service.

The crypto custody service will be made available for assets including Bitcoin (BTC) and Ether (ETH). The trademark application was filed with the Korean Intellectual Property Office, as reported by a local news outlet.

The application stated that the bank could potentially launch the service shortly, and also means that the entity has already begun the branding of products and the development has almost been finalized.

KB announced its partnership with Atomrigs Lab in June 2019, to develop a crypto custody service leveraging a product that secures crypto utilizing multi-party computation (MPC) technology which Atomrigs Lab specializes in. MPC technology generates random key parts rather than a single private key. These key parts can be stored separately to protect the assets from the vulnerability of being stolen.

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South Korea Sees Surge in New Blockchain Platforms for Trading of Unlisted Stocks

South Korea’s progressive-thinking and liberal attitude on blockchain technology and cryptocurrencies recently got another boost. Industry sources revealed the upcoming launch of two new blockchain-based exchanges to bolster the financial trading of unlisted equities.

Korea turns to blockchain

According to a report, Dunamu and PSX will see the launch of blockchain-enabled services for the traditional finance sector. The two firms currently operate trading and investment platforms for users and are backed by Korean giant Kakao’s venture arm.

The launch means three blockchain-based trading platforms will exist in Korea by 2021. Earlier in 2019, the Korean government’s KOSCOM division announced the “Be My Unicorn” project, that allowed for the listing of unlisted stock on an exchange.

“Through the Be My Unicorn platform, investors will be able to trade the unlisted stocks from professional investors such as accelerators, and stocks from venture company employees,” KOSCOM said at the time.

Together the three projects utilize traceability and ensure inclusivity. The benefits work both ways; unlisted companies – those not listed on the public stock exchange but looking to raise money – get an opportunity to raise money while retail traders can bet on companies primed for a run on their public listing.

Reportedly, Dunamu and PSX are preparing their unlisted stock trading services in collaboration with Shinhan Financial Services, a major Korean bank, and Samsung securities. The two firms are duly following Korea’s legal framework for blockchain and cryptocurrency businesses to ensure the public’s trust in their respective platforms on launch.

Finer details of the platforms

Korean startups like Vuno, Ridi Books, Blocko, and Musina will be traded on PSX. The firm secures stock from venture firms, incubators, and private funds and uses Shinhan’s services for account creation, trade execution, and liquidity.

Dunamu, which operates crypto exchange UpBit, will soon add firms to its “Securities Plus” unlisted stock exchange and use Samsung Securities as an underwriter and trade facilitator.

For the transfer of stock from venture funds to retail investors, both funds will utilize native blockchains to verify investor identity and digitally “sign” transfers.

KOSCOM has recognized the use of blockchain as essential to a country’s financial health. They note the technology helps eradicate fraud, increase transparency, and provide infrastructure for trading. In the ministry’s view, the benefits also help promote retail investments in promising startups.

Since 2019, KOSCOM is a designated member of the “DID Alliance,” a blockchain-based ID and authentication network in South Korea. Later in May 2020, the ministry is launching a blockchain-based identity application called “Initial,” making logins and singing off on digital contracts an easy, one-click process for retail investors.

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Chinese Government to Consider Cross-Border East-Asian Stablecoin for Hong Kong Amid Implementing Controversial National Security Law

Chinese officials are to consider a cross-border Asian stablecoin in Hong Kong, to facilitate a cross-border payment network between three Asian countries, and four currencies – China, Japan, South Korea, and Hong Kong. The world’s second-largest economy is aiming to build Hong Kong into an international financial center in the digital economy era.

At China’s annual “Two Sessions,” also known as the National People’s Congress, China’s most important annual political event in Beijing, officials set the decision to impose a new national security law in Hong Kong.

The annual political event was postponed due to the coronavirus pandemic, as the representatives of the National People’s Congress continue to advise on post-pandemic economic recovery.

Neil Shen, also known as Shen Nanpeng, member of the National Committee of the Chinese People’s Political Consultative Conference and managing partner of Sequoia Capital China will submit five proposals to the two sessions this year. One of the proposals includes the innovation and technology development of the Greater Bay Area, which he has submitted consecutively in the past three years.

In Shen’s proposals, he suggested a Hong Kong-based cross border stablecoin, as a foundation for a cross-border settlement network between China, Japan, and South Korea as well as the special administrative region. Shen envisions that this move would make Hong Kong as the international digital financial hub and will empower the semi-autonomous city to achieve “stable economic and social development.”

The proposal was also co-signed by Kennedy Wong, solicitor of the Supreme Court in Hong Kong, former chief secretary of Hong Kong, Henry Tang, and Hong Kong-based billionaire Songqiao Zhang. The proposal is separate from China’s central bank digital currency (CBDC) initiative, also known as the digital currency electronic payment (DCEP).

One stablecoin to blur the lines

In regards to the new national security law in Hong Kong, Chinese Premier Li Keqiang said: “We will comprehensively and accurately implement ‘one country, two systems,’ under which people of Hong Kong govern Hong Kong, and the people of Macau govern Macau, with a high degree of autonomy. We will establish sound legal systems and enforcement mechanisms for safeguarding national security in the two SARs, and see that the governments of the two regions fulfill their constitutional responsibilities.”

China reported a drop in its annual growth target this year and has pledged more government spending as the COVID-19 pandemic has taken a toll on the country’s economy. Premier Li’s work report omitted a target for the gross domestic product (GDP) for the first time since 1990.

With Beijing announcing its plans for security legislation for Hong Kong, the United States drew warnings as the Asian stock markets fell further. Amid escalation of tensions between Washington and Beijing, Hong Kong’s Hang Seng Index took a dive of about 5 percent, while the yuan also dipped as the National People’s Congress highlighted uncertainties and pledged to sell bonds.

Hong Kong’s 2020 budget

Financial Secretary of Hong Kong, Paul Chan has been under intense pressure from lawmakers to dip into the government’s fiscal reserves to help the city get out of an economic slump. After months of anti-government protests and the emergence of the coronavirus epidemic, Hong Kong residents aged over 18 will receive a cash handout of HK$10,000. The budget also highlighted the forecast of an all-time high deficit of HK$139 billion for the coming fiscal year.

In the budget for 2020-2021 announced by Chan, innovation and technology has been mentioned as an important growth engine for future economic development. The Hong Kong government has allocated over a hundred billion dollars to support the innovation and technology sector.

“Local I&T (Innovation and Technology) companies have won awards time and again in international competitions, whereas a number of “unicorns” have emerged,” Chan wrote. “While there is still some way to go to develop I&T into mature industries, I am convinced that our current investments will bear fruits in the future.”

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Korea's Educated Jobless Individuals are Building their Blockchain Expertise

Korea’s surging ahead with its blockchain and crypto aspirations. Weeks after the government announced a $400 million blockchain fund, a prominent university added blockchain curriculum to its coursework.

The move seeks to meet the extensive demand for distributed systems and digital currencies, which the country’s young adult populations consider impactful.

Blockchain as an Employment Opportunity

A report on May 26 noted Daejeon University in South Korea is opening a new fintech-focused department called ‘Future Convergence.” The varsity will further refurbish its technology and finance departments to include blockchain-related developments.

Some areas of integration include smart cities, improved healthcare, tech-driven factories, and advancements in medical institutions using blockchain technology. Alongside this, the educational institute will incorporate curriculum related to big data, artificial intelligence, and other rising technological fields.

The department notes the educational push will bolster employment among Korean graduates affected by a falling economy. Using a China-like narrative, the varsity’s officials believe such developments will foster “talents for the fourth industrial revolution.”

Earlier this year, Suseong University in Korea’s Daegu region also included blockchain and AI work in its curricula, after reaching an agreement with the Korea Artificial Intelligence Association.

The work crisis in Korea reached critical levels last year. A Reuters report from 2019 revealed thousands of educated college graduates are struggling to find work in the country, moving to countries like China, Japan, and the U.S. in search of opportunities. Technology-related expertise reigns supreme in the latter regions, meaning blockchain and distributed systems are not an alien concept for most Korean grads.

In 2018, South Korea generated only 97,000 jobs for millions of workers, the lowest figure since the global financial crisis in 2009. Kim So-young, an economics professor at Seoul National University, told Reuters that large companies managed to establish a model for survival “without boosting hiring.”

Meanwhile, the South Korean government is positive about the country’s blockchain aspirations, led by Chinese progressions in the space. The country has increased efforts for blockchain-based banking but ruled out state-backed digital currencies, as Blockchain.News reported previously.

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Analyst Honored for Exposing South Korean Dark Web Crypto Child Pornography and Blackmail Site

Criminal analyst, Kim Reece, has been named as a finalist for the Samuel J. Heyman Service to America Medal for her role in the takedown of the South Korean ‘Nth Room’ child pornography chat rooms that hosted the vile content of the ‘Welcome to Video’ dark web site.

US Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) Criminal Analyst, Kim Reece was named as a finalist for the Samuel J. Heyman Service to America Medal.

According to the announcement on May 27, Reece’s blockchain analysis led to an international criminal investigation of the largest dark web child pornography sites—’Welcome to Video’ that leveraged cryptocurrency to cloak their payments on over one million video downloads.

Working alongside cross-agency partners Christopher M. Janczewski, IRS- Criminal Investigations, and Zia M. Faruqui of the US Department of Justice (DOJ), Reece’s contribution led to the arrests of the site’s operator, Jong Woo, and more than 300 users, as well as the rescue of 25 exploited children.

250,000 Child Porn Videos

The sexual exploitation of underage school-going girls in South Korea has been happening for years on the “Nth Rooms” dark web site. Notably, they would be filmed undertaking violent self-harm and sexual acts, and the videos taken were made available via Telegram chat rooms after members made crypto payments.

It is reported that at least 10,000 people utilized these chatrooms after paying fees ranging from $200 to $1,200 in Bitcoin, with trades completed through a separate protected forum.

According to the law enforcement agencies who spearheaded the investigation, the amount of child sexual pornography content seized was close to 8 TB or more than 250,000 videos.

Let’s Rape

According to the indictment, on March 5, 2018, agents from HSI, IRS-CI, the National Crime Agency in the United Kingdom, and the National Police in South Korea arrested Jong Woo Son, 23, a South Korean national. The authorities also seized the servers he used to operate a darknet market place exclusively advertising child sexual exploitation videos available for download by site members.

The dark web site was called Welcome to Video: the ‘nth rooms’ refers to a series of Telegram chat rooms where users would illegally produce and trade sexually exploitative footage of women and children. The core of the business was to turn real-life assaults into online content, with the site itself boasting over one million downloads.

As the business grew from 2018 to 2019, the Telegram chat rooms became more bespoke for its depraved clientele. The users could have their pick of the “slave room” or perhaps the “violate your acquaintance room” and a variety of rooms dedicated exclusively to child rape and sexual abuse.

In the chat rooms where underage girls were degraded, forced to behave like animals and violated in public unsanitary areas, it was common for the users to greet each with the phrase, “let’s rape.” Victims were often manipulated into giving out personal information that could be used to blackmail them into obeying the commands of the chat users.

Kim Reece Honored and Recognized

Analysis of the platform revealed that it generated close to one million BTC addresses.ICE HSI Criminal Analyst Kim Reece – Image Via ICE.Gov

“It is a great honor and privilege to recognize Kim Reece for her nomination for the Samuel J. Heyman Service to America Medal,” said Deputy Director and Senior Official Performing the Duties of Director, Matthew T. Albence. “Even more important than this prestigious acknowledgment, however, is her continued dedication and use of her expertise to protect exploited children. The efforts of Ms. Reece and her interagency partners were instrumental to the takedown of this international criminal organization.”

At the end of the announcement, Homeland Security noted some hotlines and encouraged members of the public to report any suspected child predators or exploitation. The 24 hr toll-free hotlines are 1-866-347-2423 and TTY for hearing impaired at (802) 872-6196.

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South Korean Court Apprehends Crypto Assets of “Nth Room” Ringleader

A South Korean court has frozen 15 cryptocurrency wallets belonging to Cho Ju-bin, the orchestrator of the “Nth Rooms” scandal. The twisted Telegram chat rooms dubbed the Nth Rooms came to the light following a national outcry at the deviant sexual exploitation of underage girls and children by Cho Ju-bin and his team in exchange for bitcoin and ether payments. South Korean citizens have demanded justice and consider the events a national shame. Nth Room administrator, Cho Ju-bin was named and paraded through the Korean streets to face the public in March where he was met with disgust, taunted, and had to be shielded from the furious crowd.

Prosecutors’ plea granted

The Seoul Central District Court Criminal Settlement Division 30 decided to apprehend the crypto wallets following requests by prosecutors that they held crime proceeds gained from child pornography.

These wallets were obtained from Cho Ju-bin last month as he has been under heavy scrutiny about his role in circulating explicit underage girls content in the Telegram chat rooms dubbed Nth Rooms. The court noted that bag preservation and confiscation was a crucial procedure of temporarily deterring the disposition of criminal proceeds.

Reportedly, the “Nth Rooms” incident had been happening for years as underage school-going girls were sexually exploited after being coerced to do inhumane acts. More than 10,000 people used these chatrooms after paying between $200 and $1,200.

Last month, Kim Reece, a US Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) criminal analyst, was honored for her role in exposing this scandal.

Watertight case

Investigators are continuing coming up with concrete evidence in the “Nth Rooms” scandal needed to pin down the culprits because it is linked to cybersex trafficking, blackmail, and sexually exploitative videos and images.

The court also mentioned the unearthing of 130 million won, approximately $106,000 at Cho Ju-bin’s home in April and this is also being used as evidence in the case.

The Korean police have rolled up their sleeves as they are hunting down the clientele involved in the incident. They are being aided by crypto exchanges, such as Upbit, Bithumb, Korbit, and Coinone in the probe.

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South Korea Declares Andong City as Blockchain Free-Trade Zone to Boost Medical Hemp Production

South Korea’s national government has declared Andong (located in the Gyeongbuk province) as a “regulation-free” zone for blockchain development. The city is now a local free trade zone in which blockchain technology will be used for medical-grade hemp (cannabis) management and production.

Blockchain Helps South Korea Meet Production Goals

Lee Chul-woo, the Governor of Gyeongbuk province, said that the Andong region has become a “special free zone” to allow the industrial-grade production of hemp products. The creation of such a free zone is regarded as a significant development in boosting the region’s bio industry.

The city’s “special industrial hemp free zone” aims to develop a new business model of specialized industries by implementing high-tech bioindustry and smart farming solutions at the regional level.

In order to make the project a reality, the South Korean government has had to ease the restrictive terms of a 77-year old narcotics law, in order to allow for the industrial-level production of cannabis in particular areas. All operations will be recorded and reconciled on a blockchain platform that is expected to be unveiled after the completion of the network infrastructure in Gyeongbuk’s free trade zone.

The South Korean government aims to use blockchain technology to monitor the hemp production system for transparency and safety. The blockchain platform would offer production line tracking solutions and classifying the products by categories of origin, quality, and final destination.

In the past, the old narcotics laws restricted its use to only seeds and textiles. But the latest amendment to the 77-year old law allows the creation of a high-value biomaterials market that would facilitate the industrialization and mass production of medical hemp.

The governor of Gyeongbuk province, Lee Chul-woo, said that the special regulatory zone intends to develop a rational industrial plan for narcotic drugs and that the city would grow more and as a result write a new history of surplus production.

Blockchain Market Creates Golden Opportunity

South Korea calls the blockchain marketplace as a golden opportunity and strives to exploit the new technology. The government of South Korea has positioned itself as a key player in the country’s economic development by continuing to work hand-in-hand with private businesses to maximize the nation’s footprint in the blockchain market. The government’s budget is reported to include several blockchain-related projects. As a result, people in the financial and business world have expressed interest in blockchain. The new technology is now being utilized in several industries, like ensuring that diamonds are ethically sourced. The agriculture industry has seen a rise in the application of blockchain to track the origin of food products from farms to business stores.

South Korea Proposes 20% Capital Gains Tax on Cryptocurrency Commodities

South Korea’s parliament has put forward a bill that could see crypto profits taxed by up to 20%.

In South Korea’s parliament, a private members’ bill has been put forward that aims to impose a capital gains tax that could be as high as 20%. The tax bill will also apply to any income made in ICOs and crypto mining operations.

The crypto taxation bill has fostered a growing discussion on the true value and the nature of cryptocurrency within South Korea. While historically, South Korea is one of the most active trading markets for cryptocurrencies, authorities have been hesitant to regulate the digital assets, due to their belief that crypto regulation could further legitimize the sector.

Commodities not Currency

Further to the crypto taxation bill, an influential representative of South Korea’s Democratic Party, Yang Kyung Sook proposed an amendment to reclassify digital assets and cryptocurrency as ‘commodities’ instead of ‘currency’. Yang asserted that classifying crypto as goods rather than currency is due to the nature of investor behavior, which he believes qualifies digital assets for a capital gains tax.

Speaking to the Parliament, Yang said, “So far, virtual assets were recognized only as a function of money, and income tax was not imposed. However, recently, virtual assets are increasingly being traded as goods with property value.” He continued, “Considering various conditions, such as the recognition of intangible assets with property value, the necessity of taxation and the recognition of the property value of virtual assets are being raised at the same time.”

According to the data submitted by the Financial Services Commission, an average of 1.33 trillion won or US $1.10 billion made up the average daily cryptocurrency trade. Additionally, an average of 7.609 billion won (US $6.33 million) was traded in just the first five months of 2020.

The cryptocurrency market is actively trading. If you tax this, you are expected to get a lot of tax revenue. The United States and Japan are taxing cryptocurrencies.

South Korea CBDC Committee Begins

The South Korean government is set to announce the final details of taxing income generated from cryptocurrency transactions after years of discussion about the virtual asset that yet remains in a grey area.

The South Korean central bank has announced its intention to follow the global trend in the development of a central bank digital currency in April 2020. The bank launched the process by setting up a six-man panel including professors of commercial laws and lawyers focused on Fintech. The committee which also has a staff from the Bank of Korea’s legal policy office will review all potential regulatory issues that might impede the novel project.

The committee began work on the CBDC development in early June with a timeline spanning till the end of May 2021. The committee’s work will constitute part of the 22-month project timeline set to launch the CBDC.