The Bank of Korea (Bok) He suspended his digital currency project from the Central Bank, a Singapurense financial newspaper reported Monday.
The project had reached the stage of developing a pilot program with participating banks.
The Central Bank told the banks that it will stop the discussions related to the initiative, according to the report, which quoted an unidentified BOK official.
The president of South Korea, Lee Jae-Myung, who assumed the position on June 4, courted the country of cryptocurrencies of the country during his electoral campaign. Among his promises was a promise to support a WON -based stablcoin market.
Earlier this month, Lee’s ruler Democratic Party presented a bill that would allow qualified companies to broadcast Stablecoins.
CBDC are a form of fiduciary currency that is intended to act as a digital counterpart for cash. They have been criticized as a concept, particularly among the cryptographic community, for concerns about privacy, surveillance and state control.
The Bank of Korea did not respond to the request for comments from Coindesk.
