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Cryptocurrency News Articles

Bank of Korea Puts CBDC Plans on Ice: What's Next?

Jun 30, 2025 at 11:37 pm

The Bank of Korea has paused its CBDC project, shifting focus to stablecoins. What does this mean for the future of digital currency in South Korea?

Bank of Korea Puts CBDC Plans on Ice: What's Next?

Hold up, crypto enthusiasts! The Bank of Korea (BOK) has pumped the brakes on its Central Bank Digital Currency (CBDC) project. It seems like just yesterday they were gearing up for pilot programs, but now? All discussions are reportedly on hold. Let's dive into what's happening in Seoul.

CBDC Project on Pause: What Happened?

The BOK was all set to roll out a second round of testing, even getting 7-Eleven involved to let customers pay with CBDC and snag a sweet 10% discount. But according to a recent report, the central bank has decided to suspend the project. All involved parties, including those eager banks, have been notified.

Stablecoins Stealing the Show?

So, what gives? It seems the South Korean government is increasingly interested in good ol' stablecoins, specifically those pegged to the Korean won. Eight major banks are even teaming up to launch their own won-backed stablecoin. They're working with blockchain and decentralized identity folks to make it happen.

One senior banking official mentioned that the BOK wants to see how the government's stablecoin plans pan out before deciding if a CBDC can even play nice with these tokens. Fair enough!

BOK's Concerns About Stablecoins

The BOK isn't totally against stablecoins, but they do have some concerns. Governor Rhee Chang-yong worried that stablecoins could make it easier to swap currencies into U.S. dollars, potentially messing with the central bank's ability to manage the won. Deputy Governor Ryoo Sangdai suggested a gradual rollout of stablecoins, starting with banks, given their stricter regulations.

South Korea's Stablecoin Bill

South Korea is taking the stablecoin market seriously. A lawmaker introduced a bill to create a regulatory framework for stablecoins, including a new licensing system. This move aims to help South Korea thrive in the global digital economy, aligning stablecoin rules with existing crypto laws.

XRP as a CBDC Bridge? A Wildcard

While South Korea figures out its CBDC and stablecoin situation, there's another player in the mix: XRP. Some believe XRP could become the bridge currency for CBDCs globally, thanks to its speed, low fees, and liquidity. Ripple is already running CBDC pilot programs with a few countries, using private versions of the XRP Ledger.

Final Thoughts: What Does It All Mean?

South Korea's CBDC project might be on hold, but the digital currency game is far from over. The focus has shifted to stablecoins, with banks and lawmakers diving in headfirst. Whether XRP will play a role in the future remains to be seen. One thing's for sure: the world of digital finance is never boring! So, grab your popcorn and keep an eye on Seoul—it's bound to be an interesting ride.

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Other articles published on Jul 01, 2025