South Korea Digital Currency Push Faces Legal Uncertainty Over Definition of Money

South Korea’s debate over digital money is accelerating—from central bank digital currency (CBDC) pilots to bank ‘deposit tokens’ and proposals for a won-denominated stablecoin. Yet beneath the technological momentum lies a more basic constraint: none of the leading contenders can become an everyday retail payment instrument without meaningful legal and regulatory change, leaving the country in what critics describe as a ‘no man’s land’ for digital currency.

The clash is increasingly visible as policymakers and industry groups promote competing visions of ‘future money’ while the legal…  Read more

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