South Korea’s central bank has paused its digital currency tests amid government efforts to regulate stablecoins, local media reported.
Reports confirm the Bank of Korea delayed the next phase of its CBDC pilot, initially planned for late 2024, to evaluate how it aligns with private stablecoins.
President Lee Jae-myung’s administration is advancing a bill to permit won-pegged stablecoins, requiring 500 million won ($370,000) in issuer capital. Meanwhile, banks involved in the CBDC tests reportedly complained about high costs, putting the project at risk.
