The Financial institution of Korea (BOK) suspended its central financial institution digital foreign money challenge, Singaporean monetary newspaper Enterprise Occasions reported on Monday.
The challenge had reached the stage of creating a pilot program with collaborating banks.
The central financial institution instructed the banks it’ll pause discussions associated to the initiative, in accordance with the report, which cited an unidentified BOK official.
South Korea’s President Lee Jae-myung, who took workplace June 4, courted the nation’s cryptocurrency group throughout his election marketing campaign. Amongst his guarantees was a pledge to assist a won-based stablecoin market.
Earlier this month, Lee’s ruling Democratic occasion submitted a invoice that might permit qualifying corporations to subject stablecoins.
CBDCs are a type of fiat foreign money that should act as a digital counterpart to money. They’ve been criticized as an idea, significantly among the many crypto group, over issues about privateness, surveillance and state management.
The Financial institution of Korea didn’t reply to CoinDesk’s request for remark.
