Bank of Korea Halts Digital Currency Project

The Financial institution of Korea (Bok) has its Central Financial institution Digital Foreign money Undertaking, Singaporean monetary newspaper Business Times reported on Monday.

The undertaking had reached the stage of creating a pilot program with collaborating banks.

The Central Financial institution advised the banks that it’s going to pause the discussions with regard to the initiative, in keeping with the report, {that a} non -created goat cited.

The president of South Korea, Lee Jae-Myung, who took workplace on 4 June, welcomed the cryptocurrency neighborhood of the nation throughout his election marketing campaign. One in every of his guarantees was a promise to assist a Gained-based Stablecoin market.

Earlier this month, the ruling Democratic Get together of Lee submitted a invoice with which qualifying firms can publish Stablecoins.

CBDCs are a type of Fiat -currency that’s meant to behave as a digital counterpart of money. They’ve been criticized as an idea, particularly below the crypto neighborhood, because of issues about privateness, supervision and state management.

The Financial institution of Korea didn’t reply to Coindesk’s request for feedback.