Bank of Korea Halts CBDC Project as Government Submits Stablecoin Bill: Report
2025-06-30 10:45:01
Main Idea
The Bank of Korea (BOK) has suspended its central bank digital currency (CBDC) project, coinciding with the South Korean government's submission of a bill to support a won-based stablecoin market.
Key Points
1. The Bank of Korea (BOK) halted its CBDC project, which had progressed to the pilot program stage.
2. South Korea's President Lee Jae-myung pledged support for a won-based stablecoin market.
3. The ruling Democratic party submitted a bill allowing qualifying companies to issue stablecoins.
4. The BOK did not respond to CoinDesk's request for comment regarding the suspension.
Description
The Bank of Korea (BOK) suspended its central bank digital currency project, Singaporean financial newspaper Business Times reported on Monday . The project had reached the stage of developing a pilot program with participating banks. The central bank told the banks it will pause discussions related to the initiative, according to the report, which cited an unidentified BOK official. South Korea's President Lee Jae-myung, who took office June 4, courted the country's cryptocurrency community dur...
Latest News
- PEPE Slips 6% as Whales Load Up, Technicals Hint at Possible Bounce Amid Market Jitters2025-07-04 12:22:47
- Bitcoin Long-Term Holders Signal Patience in Market2025-07-04 12:22:35
- Coinbase's Base Sees Over $4B in Capital Outflows Through Cross-Chain Bridges; Ethereum Registers Inflows of $8.5B2025-07-04 12:19:45
- Bitcoin on the Brink of All-Time High as Macro Tailwinds Gather Strength2025-07-04 11:18:22
- JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters2025-07-04 11:18:06