US EditionCBDC News: Bank of Korea Halts Digital Currency Project
- South Korea's central bank suspended its digital currency pilot project, Project Han River, earlier this month amid banks' concerns over costs and unclear commercialization plans.
- This suspension followed complaints from seven participating banks about the pilot's high expenses and lack of a clear profit model, prompting authorities to reassess the CBDC's future role.
- The pause has allowed regulators to redirect their attention toward overseeing private won-backed stablecoins, as a group of prominent banks such as KB Kookmin and Shinhan have collaborated to launch a joint stablecoin project.
- Democratic Party leaders emphasize the importance of won-pegged stablecoins for maintaining monetary sovereignty, highlighting that trading involving foreign stablecoins exceeded ₩57 trillion, equivalent to about $42 billion, in the first quarter of 2025.
- The government supports legislation permitting firms with as little as ₩500 million equity to issue stablecoins under regulatory approval, signaling a strategic pivot toward private stablecoin development.
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20 Articles
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Left
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Center
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Coverage Details
Total News Sources20
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
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