The Korean Bank (BOK) would have interrupted its Central Bank (CBDC) digital currency project following the South Korean government on the Stablecoins. The quarter of work left the participants in the project with “no long -term roadmap” and the banks pivot in this sector.
Bok suspends the second phase of CBDC tests
On Sunday, the local news agency Yonhap said that the Korean bank had informed that the banks participating in the Han River project that the second phase of CBDC tests would be suspended.
The Bok and Seven Banks began the first test phase in April, targeting 100,000 financial consumers and planning to finish it by June 30. Originally, the project was to start its second phase at the end of the year, testing authentication transfers, expanding the locations of payment merchants and simplifying authentication methods.
However, the banks would have raised concerns about the “burden of excessive costs without concrete marketing plans”, leading to the break of the project. In particular, the banking sector is the cost of the project and recently demanded that the Korean bank provides a clear long -term roadmap with marketing plans.
Banks asked the BOK to “establish a” working group on the actual transaction test for CBDC users “involving all the relevant departments of the Korean bank and banks to develop a long-term roadmap, including post-test marketing plans, then realistically adjust the project calendar according to this roadmap.”
Consequently, the BOK concluded that it should clarify its internal position and its calendar concerning digital assets, as the dynamics of stables develop and discussions in the National Assembly and that the private sector intensifies.
According to a senior manager of a commercial bank, the Bank of Korea explained that it would wait to see how the situation is developing, since the legalization of stablecoins is currently underway, while it is not clear how CBDC, Stablecoins and the deposit tokens differ and can coexist. “
Likewise, another senior official said that the atmosphere moves to stabbed, detailing that “until the dinner meeting between the governor of the Bank of Korea, Lee Chang-Yong and the Bank presidents, on the 23rd, the atmosphere was not like this, but the situation has changed considerably since.”
Nevertheless, the Han River project could be reconsidered in 2026, according to another bank official, who said that the Bank of Korea mentioned the possibility of revisiting CBDC tests and “moving forward with it to the first half of next year”.
Banks are preparing for stable legislation
Following this development, the banks participating in the CBDC project should go to the stabgal issue as the related legislation earns support, preparing for the program with other banks or non -banking entities.
At the beginning of the month, a member of the ruling party in South Korea, Min Byeong-Deok, presented a full bill to establish a more structured regulatory framework for cryptographic assets in the country.
As reported by Bitcoinist, the legislator of the Korean Democratic Party (DPK) proposed the basic law on digital assets to supplement the law on the protection of virtual asset investors and offer a wider legal basis for industry. In addition, it focuses on the implementation of a license system for stablecoin issuers and clear rules.
The banking sector is considering a business model in which banks establish a joint venture to collectively issues stabrins, while contacting various non -banking companies to prepare for legalization and the issue of Stablecoins.
A bank official said that “it is not clear if banks or major technologies (major IT companies) and Fintech (financial technology companies) will be the stable -co -emitters”, adding that they “have no choice but to prepare for the two scenarios before legalization”.
Another bank official said that it was necessary to collaborate with fintech companies for scalability, explaining that banks “discuss not only stablescoins with the Bank of Korea and other banks, but also to regularly meet” payment “companies, crypto-monnaies exchanges and blockchain companies to prepare for stable stable.”
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