CoinStats - CBDC on Ice: Korean Banks Pivot to Won-Backed...

CoinStats - CBDC on Ice: Korean Banks Pivot to Won-Backed...

South Korea's central bank abruptly halted its retail central bank digital currency (CBDC) pilot, while the nation's largest commercial banks accelerate their entry into Korean won-pegged stablecoins. The move is a sudden shift in the nation's digital finance direction and begins a new chapter in the international stablecoin-CBDC war.Political Winds and Industry PushbackThe Bank of Korea (BOK) told participating banks that it was putting on hold…

South Korea Delays CBDC Plans as Banks Focus on Stablecoins

The Bank of Korea recently informed partner banks that the second phase of its digital currency pilot, originally slated for later this year, will be delayed. The move comes as the newly elected government signals growing support for private-sector stablecoins backed by the Korean won — a key campaign promise of President Lee Jae-myung. Instead of pushing ahead with its own digital currency, the central bank is now waiting to see how stablecoin …

South Korea Forced To Abandon CBDC Project As Commercial Banks Favor Stablecoins – MAXBIT

Key Insights: The Bank of Korea has paused its CBDC trials due to commercial banks favoring stablecoins. South Korea’s President Lee Jae-myung’s pro-crypto stance has encouraged banks to pivot towards won-backed stablecoins instead of CBDCs. The Bank of Korea seems to be observing the private sector’s stablecoin initiatives before deciding how to proceed. South Korea...

South Korea Halts CBDC Trials as Banks Embrace Stablecoin Shift

South Korea halts CBDC trials as banks favor stablecoins for clearer profit paths and flexibility. President Lee’s policies support firms issuing stablecoins with regulatory oversight in place. Four major banks join forces to launch a Korean won-backed stablecoin by early next year. South Korea’s central bank has paused its digital currency tests. This decision comes amid rising interest in stablecoins from local banks. The second phase of the c…

South Korea's Central Bank Hits Pause on CBDC Trials

South Korea’s plans to expand testing of a central bank digital currency (CBDC) have been put on hold, as local banks shift their attention to stablecoins tied to the Korean won.