No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Saturday, October 25, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Cryptocurrency

Bank Of Korea Halts CBDC Project

by TheAdviserMagazine
4 months ago
in Cryptocurrency
Reading Time: 4 mins read
A A
Bank Of Korea Halts CBDC Project
Share on FacebookShare on TwitterShare on LInkedIn


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bank of Korea (BOK) has reportedly halted its Central Bank Digital Currency (CBDC) project following the South Korean government’s focus on stablecoins. The shift has left project participants with “no long-term roadmap” and banks pivoting to this sector.

BOK Suspends Second Phase Of CBDC Testing

On Sunday, local news outlet Yonhap News Agency reported that the Bank of Korea had notified banks participating in the Han River Project that the second phase of CBDC testing would be suspended.

The BOK and seven banks began the first phase of testing in April, targeting 100,000 financial consumers and planning to complete it by June 30. Originally, the project was scheduled to start its second phase at the end of the year, testing peer-to-peer transfers, expanding payment merchant locations, and simplifying authentication methods.

However, banks reportedly raised concerns about the “excessive cost burden without concrete plans for commercialization,” leading to the project’s pause. Notably, the banking sector is bearing the cost of the project and recently demanded that the Bank of Korea provide a clear long-term roadmap with plans for commercialization.

Banks requested the BOK to “establish a ‘CBDC General User Real-Transaction Test Task Force’ involving all relevant departments of the Bank of Korea and banks to develop a long-term roadmap including post-test commercialization plans, and then realistically adjust the project schedule based on this roadmap.”

As a result, the BOK has concluded that it must clarify its internal stance and schedule regarding digital assets, as stablecoin momentum grows and discussions in the National Assembly and the private sector intensify.

According to a senior official at a commercial bank, the Bank of Korea explained that it would “wait and see how the situation develops, given that the legalization of stablecoins is currently underway, while it is unclear how CBDC, stablecoins, and deposit tokens differ and can coexist.”

Similarly, another senior official affirmed that the atmosphere is shifting toward stablecoins, detailing that “Until the dinner meeting between Bank of Korea Governor Lee Chang-yong and bank presidents on the 23rd, the atmosphere was not like this, but the situation has changed significantly since then.”

Nonetheless, the Han River Project could be reconsidered in 2026, according to another bank official, who claimed that the Bank of Korea mentioned the possibility of revisiting CBDC testing and “pushing forward with it around the first half of next year.”

Banks Prepare For Stablecoin Legislation

Following this development, banks participating in the CBDC project are expected to shift to stablecoin issuance as related legislation gains support, preparing for issuance with other banks or non-bank entities.

 At the start of the month, a member of South Korea’s ruling party, Min Byeong-deok, introduced a comprehensive bill to establish a more structured regulatory framework for crypto assets in the country.

As reported by Bitcoinist, the Democratic Party of Korea (DPK) lawmaker proposed the Digital Assets Basic Act to complement the Virtual Asset Investor Protection Act and offer a broader legal foundation for the industry.  Additionally, it focuses on implementing a licensing system for stablecoin issuers and clear rules.

The banking sector is considering a business model in which banks establish a joint venture to collectively issue stablecoins, while contacting various non-bank companies to prepare for the legalization and issuance of stablecoins.

A bank official affirmed that “It is unclear whether banks or big tech (large IT companies) and fintech (financial technology companies) will be the issuers of stablecoins,” adding that they “have no choice but to prepare for both scenarios before legalization.”

Another bank official stated that it is necessary to collaborate with fintech companies for scalability, explaining that banks are “not only discussing stablecoins with the Bank of Korea and other banks, but also meeting regularly with ‘payment’ companies, cryptocurrency exchanges, and blockchain companies to prepare for the issuance of stablecoins.”

stablecoin, Bitcoin, btc, btcusdt

Bitcoin (BTC) trades at $106,857 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

Tags: bankCBDChaltsKoreaproject
ShareTweetShare
Previous Post

Las Vegas Sands – LVS: Bullenalarm – vorbörsliches Kaufsignal bei der Zockeraktie!

Next Post

TASE board approves Friday trading

Related Posts

edit post
White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

by TheAdviserMagazine
October 25, 2025
0

White House crypto czar David Sacks has shown his support for Donald Trump’s nomination of SEC crypto counsel Michael Selig...

edit post
UK crypto investors face crackdown on unreported gains 

UK crypto investors face crackdown on unreported gains 

by TheAdviserMagazine
October 25, 2025
0

For years, many UK crypto holders have flown under the HMRC tax authority’s radar. They convinced themselves that digital assets...

edit post
Bitcoin Liquidity Hits Seven-Year Low As Accumulators Stack 373,700 BTC In A Month

Bitcoin Liquidity Hits Seven-Year Low As Accumulators Stack 373,700 BTC In A Month

by TheAdviserMagazine
October 25, 2025
0

Bitcoin (BTC) liquidity is drying up fast, as the metric recently hit a seven-year low, reaching around 3.12 million BTC,...

edit post
Custodia and Vantage Deliver Tokenization Directly Inside Everyday Banking Systems

Custodia and Vantage Deliver Tokenization Directly Inside Everyday Banking Systems

by TheAdviserMagazine
October 25, 2025
0

U.S. regional banks are charging into a new era of digital finance with a powerful blockchain breakthrough that merges traditional...

edit post
Bank of England Probes Data Mining Lending Fueling AI Bets

Bank of England Probes Data Mining Lending Fueling AI Bets

by TheAdviserMagazine
October 24, 2025
0

The Bank of England is investigating the rise of financiers lending to data centers as a way to speculate on...

edit post
Trump taps Michael Selig to lead CFTC: Bloomberg

Trump taps Michael Selig to lead CFTC: Bloomberg

by TheAdviserMagazine
October 24, 2025
0

Key Takeaways President Trump has appointed Michael Selig as the new chair of the CFTC, signaling a pro-crypto stance. The...

Next Post
edit post
TASE board approves Friday trading

TASE board approves Friday trading

edit post
Fed Independence Tested, but Investors Shouldn’t Expect a Pivot

Fed Independence Tested, but Investors Shouldn’t Expect a Pivot

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

October 9, 2025
edit post
Why Southwest stock is down while American Airlines is soaring

Why Southwest stock is down while American Airlines is soaring

0
edit post
2025 List of All 46 Energy Stocks Now From Major Energy ETFs

2025 List of All 46 Energy Stocks Now From Major Energy ETFs

0
edit post
Another Violent Outburst – Democrats Inciting Civil Unrest

Another Violent Outburst – Democrats Inciting Civil Unrest

0
edit post
White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

0
edit post
How Many Dimes Are In 5 Dollars?

How Many Dimes Are In 5 Dollars?

0
edit post
Mortgage Rates Inch Toward 6% as Fed Weighs October Cut

Mortgage Rates Inch Toward 6% as Fed Weighs October Cut

0
edit post
Why Southwest stock is down while American Airlines is soaring

Why Southwest stock is down while American Airlines is soaring

October 25, 2025
edit post
White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

October 25, 2025
edit post
How Many Dimes Are In 5 Dollars?

How Many Dimes Are In 5 Dollars?

October 25, 2025
edit post
A Brief History of the Enduring American Embargo against Cuba

A Brief History of the Enduring American Embargo against Cuba

October 25, 2025
edit post
LendingClub, ABTC surge, Bitfarms, FHI slide: financials wrap

LendingClub, ABTC surge, Bitfarms, FHI slide: financials wrap

October 25, 2025
edit post
Hotstocks KW 43 / 2025 – Solaraktien für mehr Sonne im Depot!

Hotstocks KW 43 / 2025 – Solaraktien für mehr Sonne im Depot!

October 25, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Why Southwest stock is down while American Airlines is soaring
  • White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
  • How Many Dimes Are In 5 Dollars?
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.