The Financial institution of Korea (BOK) suspended its central financial institution digital forex challenge, Singaporean monetary newspaper Business Times reported on Monday.
The challenge had reached the stage of growing a pilot program with taking part banks.
The central financial institution advised the banks it’s going to pause discussions associated to the initiative, in keeping with the report, which cited an unidentified BOK official.
South Korea’s President Lee Jae-myung, who took workplace June 4, courted the country’s cryptocurrency community during his election campaign. Amongst his guarantees was a pledge to assist a won-based stablecoin market.
Earlier this month, Lee’s ruling Democratic get together submitted a bill that would allow qualifying firms to situation stablecoins.
CBDCs are a type of fiat forex that are supposed to act as a digital counterpart to money. They’ve been criticized as an idea, notably among the many crypto group, over concerns about privateness, surveillance and state management.
The Financial institution of Korea didn’t reply to CoinDesk’s request for remark.