Bank of Korea focuses on Korean won stablecoin business, CBDC project testing suspended

Odaily News The Bank of Korea has suspended the second phase of testing of its CBDC project due to an increase in complaints from participating banks and heated discussions on the legislation of the Korean won stablecoin. Currently, nine banks including KB Kookmin, Shinhan, and Hana are participating in discussions on the issuance of open blockchain and stablecoins, and Busan Bank and others are also planning to join. At the same time, banks are working with non-bank institutions such as Hashed to promote stablecoin business, benefiting from the lower entry threshold of the Virtual Assets Basic Law. (Maeil Business Newspaper)