Bank of Korea Halts CBDC Project as Government Advances Stablecoin Legislation

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2025-06-30 11:09:02

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The Bank of Korea has suspended its central bank digital currency initiative, halting pilot program development with participating banks. This decision coincides with the ruling Democratic Party's submission of a bill to authorize qualified companies to issue stablecoins—a MOVE aligned with President Lee Jae-myung's campaign promises to foster a won-pegged stablecoin market.

CBDCs face persistent criticism from crypto advocates over surveillance risks and centralized control. The pause in South Korea's sovereign digital currency experiment signals a potential pivot toward private-sector stablecoin solutions, though the BOK declined to comment on the policy shift.

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