Korean banks focus on Korean won stablecoin business, CBDC project testing temporarily suspended

Odaily Planet Daily reported that the Bank of Korea has suspended the second phase testing of its CBDC project due to an increase in complaints from participating banks and heated discussions on legislation for Korean won stablecoins. Currently, nine banks including KB National, Shinhan, and Hana are participating in discussions on open blockchain and stablecoin issuance, and Busan Bank is also planning to join. At the same time, banks are collaborating with non bank institutions such as Hashed to promote stablecoin business, benefiting from the lowering of entry barriers under the Virtual Asset Based Law. （Maeil Business Newspaper）