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South Korea Halts CBDC Trials as Banks Embrace Stablecoin Shift
The Bank of Korea (BOK) has decided to pause its central bank digital currency (CBDC) pilot program, citing concerns over cost and lack of a clear commercialization plan. The news comes as local banks are increasingly interested in stablecoins instead.
As reported by CryptoTale, the BOK was expected to launch the second phase of the CBDC trial later this year. However, it appears that the central bank is rethinking its strategy due to banking officials’ raised concerns about the project’s cost and feasibility. It remains unclear whether the pilot will resume at a later date.
Meanwhile, banks in South Korea are shifting their focus to stablecoins, which have gained popularity recently. In a surprising move, four major local banks – KB Kookmin, Shinhan, Woori, and NongHyup – have joined forces to develop a Korean won-backed stablecoin.
Source: cryptotale.org
