The Korean Bank (Bok) Suspending its digital currency project from the Central Bank, the Singaporean financial newspapers reported on Monday.
The project had reached the stadium for the development of a pilot program with participating banks.
The central bank told banks that it would suspend the discussions related to the initiative, according to the report, who cited an unidentified BOK official.
The president of South Korea, Lee Jae-Myung, who took office on June 4, courted the country’s cryptocurrency community during his electoral campaign. Among its promises, there was a commitment to support a Stablecoin market based on Won.
Earlier this month, Lee’s Democratic Party submitted a bill that would allow eligible companies to issue stablecoins.
CBDCs are a form of fiduciary currency that aims to act as a digital cash. They were criticized as a concept, especially among the cryptographic community, concerning concerns about privacy, surveillance and state control.
The Korean Bank did not respond to the request for comments from Coindesk.
