Bank of Korea (Book) Suspended its central bank’s digital currency project, Singaporean Financial Newspaper Business Times reported Monday.
The project had reached the stage of developing a pilot program with participating banks.
The central bank told the banks that it will set discussions for discussions related to the initiative, according to the report, citing an unidentified Bok Officer.
South Korea’s President Lee Jae-Myung, who joined June 4, brought the country’s cryptocurrency society during his election campaign. Among his promises was a promise to support a water-based stablecoin market.
Earlier this month, Lee’s reigning Democratic Party presented a bill that would allow qualifying companies to issue stablecoins.
CBDCs are a form of Fiat currency designed to act as a digital counterpart to cash. They have been criticized as a concept, especially among the crypto community, over concern about privacy, surveillance and state control.
Bank of Korea did not respond to Coindesk’s request for comment.
