The Financial institution of Korea (BOK) suspended its central financial institution digital foreign money undertaking, Singaporean monetary newspaper Enterprise Occasions reported on Monday.
The undertaking had reached the stage of growing a pilot program with collaborating banks.
The central financial institution advised the banks it would pause discussions associated to the initiative, based on the report, which cited an unidentified BOK official.
South Korea’s President Lee Jae-myung, who took workplace June 4, courted the nation’s cryptocurrency neighborhood throughout his election marketing campaign. Amongst his guarantees was a pledge to help a won-based stablecoin market.
Earlier this month, Lee’s ruling Democratic get together submitted a invoice that will enable qualifying firms to problem stablecoins.
CBDCs are a type of fiat foreign money that are supposed to act as a digital counterpart to money. They’ve been criticized as an idea, notably among the many crypto neighborhood, over considerations about privateness, surveillance and state management.
The Financial institution of Korea didn’t reply to CoinDesk’s request for remark.