According to the Korea Bank (BOK), the Central Bank of Digital Central Project (CBDC) was arrested after the South Korean government focused on Stablecoins. This shift has left the project with a “long -term road map” and banks flying for this sector.
Book suspends the second phase of the CBDC test
Sunday, local news agency Yonhap I mentioned The Bank of Korea has informed the banks participating in the Han River project that the second phase of the CBDC test will be suspended.
BOK and Seven Banks started the first phase of the test in April, targeting 100,000 financial consumers and planning to complete it by June 30. The project was scheduled to start from the second stage at the end of the year, test transfers from counterpart to counterparts, expanding the merchant sites to pay, and simplifying authentication methods.
However, it was reported that the banks raised concerns about “the burden of excessive cost without concrete plans for marketing,” which leads to the stopping of the project. It is worth noting that the banking sector carries the cost of the project and recently demanded that the Korea Bank provide a clear long -term road map with marketing plans.
Banks asked BOK “Creating” the real transport test for the general user CBDC “, which includes all relevant departments in the Bank of Korea and banks to develop a long -term road map, including post -test marketing plans, then set the project schedule realisticly based on this road map.”
As a result, BOK concluded that it must clarify its internal position and the timetable in relation to digital assets, as the stablecoin momentum grows in the National Assembly and the private sector.
According to a senior official in a commercial bank, Korea explained that “he will wait and see how the situation develops, given that the codecoins are currently being implemented, while it is not clear how CBDC, Stablecoins and Resids Rokens can vary and can coexist.”
Likewise, another senior official emphasized that the atmosphere turns towards Stablecoins, in detail that “until the dinner meeting between Korea’s governor of Lee Zhang Young and the heads of banks in 23, the atmosphere was not like this, but the situation has changed dramatically since then.”
However, the Han River project can be reviewed in 2026, according to another bank official, who claimed that the Korea Bank mentioned the possibility of reviewing the CBDC test and “pushing it forward in the first half of next year.”
Banks are preparing for Stablecoin Legislation
After this development, it is expected that the banks participating in the CBDC project will turn into a stablecoin version as relevant legislation gains, and prepare for the version with other banks or non -bank entities.
At the beginning of the month, a member of the ruling party in South Korea, MIN BYONG-Deok, presented a comprehensive bill to create a more regulatory framework for the country’s encryption principles.
As mentioned by Bitcoin, the legislator has proposed the Democratic Party in Korea (DPK) the basic law of digital assets to complete the virtual investor protection law and provide a broader legal basis for this industry. In addition, it focuses on implementing a license system for Stablecoin Exporters and clear rules.
The banking sector is studying a commercial model in which banks create a joint project for a group of Stablecoins collectively, with many non -banking companies to prepare for and release Stablecoins.
A bank official stressed that “it is unclear whether the banks or Big Tech (large information technology companies) and Fintech (financial technology companies) will be Stablecoins, adding that” they have no choice but to prepare for both scenarios before codification. “
Another bank official stated that it is necessary to cooperate with Fintech companies for the ability to expand, explaining that banks “not only discuss Stablecoins with Korea and other banks, but also in meeting regularly with” companies “and exchange of cryptocurrencies and Blockchain companies to prepare for Stablecoins version.”
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2025-07-01 11:00:00
