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The Bank of Korea has set up a separate advisory committee on digital currency policy covering central bank digital currencies, deposit tokens and related issues, The Fact reported. According to materials the central bank submitted to the office of Kim Sang-hoon, a lawmaker on the National Assembly’s Public Administration and Security Committee from the ruling Democratic Party, the Bank of Korea recently created the Digital Currency Advisory Committee and held its first meeting on Sept. 29.
The new body restores an official channel for gathering views from outside experts and the market about five months after the previous advisory group was effectively dismantled just before Bank of Korea Governor Hyun Song Shin took office in April. The move comes as digital-currency projects including Project Hangang, the cross-border payments test Project Agora and tokenized government bonds are gaining momentum, while debate over CBDC-related privacy and security concerns continues.
With the advisory gap having lasted about five months, and the new committee launching ahead of the parliamentary audit, some have raised concerns that the body should not remain a token measure aimed at responding to the audit, according to the report.