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Bank of Korea Halts CBDC Project as Government Submits Stablecoin Bill: Report
The project had reached the stage of developing a pilot program together with participating banks.
Jun 30, 2025, 10:05 a.m.
What to know:
- The Bank of Korea suspended its central bank digital currency project, Singapore's Business Times reported on Monday.
- The project had reached the stage of developing a pilot program alongside participating banks.
- Earlier this month, President Lee's ruling Democratic party submitted a bill that would allow qualifying companies to issue stablecoins.
The Bank of Korea (BOK) suspended its central bank digital currency project, Singaporean financial newspaper Business Times reported on Monday.
The project had reached the stage of developing a pilot program with participating banks.
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The central bank told the banks it will pause discussions related to the initiative, according to the report, which cited an unidentified BOK official.
South Korea's President Lee Jae-myung, who took office June 4, courted the country's cryptocurrency community during his election campaign. Among his promises was a pledge to support a won-based stablecoin market.
Earlier this month, Lee's ruling Democratic party submitted a bill that would allow qualifying companies to issue stablecoins.
CBDCs are a form of fiat currency that are meant to act as a digital counterpart to cash. They have been criticized as a concept, particularly among the crypto community, over concerns about privacy, surveillance and state control.
The Bank of Korea did not respond to CoinDesk's request for comment.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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