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The Republic of Korea plans to legalize Bitcoin

16:4816.05.2022
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The Republic of Korea plans to legalize Bitcoin

The Republic of Korea plans to legalize Bitcoin and other cryptocurrencies by 2024. As informs ferra.ru, with reference to the South Korean newspaper Kukmin, the administration intends to introduce the Basic Digital Assets Act (DABA) next year, and to enact additional laws by 2024.

It is noted that the government of the country plans to expand the existing infrastructure for crypto-fiat transactions, institutionalize NFT tokens and introduce a regulatory framework for ICOs. Besides that, the issuance of a central bank’s own digital currency (CBDC) is being considered. The first phase of simulation testing was completed by the Bank of Korea in January 2022.

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