Bank of Korea Suspends CBDC Project Amid Stablecoin Bill Submission
The Bank of Korea (BOK) has suspended its central bank digital currency (CBDC) project, halting discussions with participating banks. The initiative had progressed to the pilot program stage.
Key points:
- BOK paused CBDC discussions, according to an unidentified official.
- President Lee Jae-myung supports a won-based stablecoin market and engaged with the cryptocurrency community during his campaign.
- Lee's ruling Democratic party proposed a bill allowing companies to issue stablecoins.
- CBDCs face criticism from the crypto community regarding privacy and state control concerns.