Share this article
Bank of Korea Halts CBDC Project as Government Submits Stablecoin Bill: Report
The project had reached the stage of developing a pilot program together with participating banks.
Jun 30, 2025, 10:05 a.m.
Make us preferred on Google
What to know:
- The Bank of Korea suspended its central bank digital currency project, Singapore's Business Times reported on Monday.
- The project had reached the stage of developing a pilot program alongside participating banks.
- Earlier this month, President Lee's ruling Democratic party submitted a bill that would allow qualifying companies to issue stablecoins.
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.
STORY CONTINUES BELOW
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 during his election campaign. Among his promises was a pledge to support a won-based stablecoin market.
Earlier this month, Lee's ruling Democratic party submitted a bill that would allow qualifying companies to issue stablecoins.
CBDCs are a form of fiat currency that are meant to act as a digital counterpart to cash. They have been criticized as a concept, particularly among the crypto community, over concerns about privacy, surveillance and state control.
The Bank of Korea did not respond to CoinDesk's request for comment.
More For You
More For You
Ripple's Brad Garlinghouse says CLARITY bill has '90% chance' of passing by April
The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight.
What to know:
- Ripple CEO Brad Garlinghouse said he now sees a 90 percent chance that the long-debated Clarity Act will pass by the end of April, citing renewed momentum in Washington.
- The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight, addressing long-standing regulatory uncertainty that Garlinghouse says has weighed on innovation.
- Ripple, which has spent nearly $3 billion on acquisitions since 2023 and is now pausing major deals to focus on integration, argues that both crypto firms and traditional financial institutions increasingly want clear rules as attitudes toward digital assets shift.
Top Stories
