INSUBCONTINENT EXCLUSIVE:
increasingly aired support for local currency stablecoins.On Sunday, the Bank of Korea told banks taking part in CBDC tests that started in
April that it was temporarily suspending and postponing the second round of tests slated for later this year, local outlets the Yonhap News
Agency and The Chosun Daily reportedon Monday.A senior official at one of the seven banks taking part in the tests told Yonhap that the
Jae-myung campaigned on a list of crypto promises, including allowing for the issuance of stablecoins, crypto tokens that track the price of
currencies such as the Korean won.Lee Jae-myung made multiple crypto-related promises during his presidential campaign, including allowing
Source: CointelegraphHis party put forward a bill earlier this month that would allow companies to issue such tokens with a minimum equity
specified a commercialization plan for the CBDC.The Bank of Korea floated moving the second half of the tests from later this year to the
first half of next year and could limit the number of financial institutions taking part, an unnamed senior banking official told Yonhap.The
first stage of the CBDC tests involved 100,000 participants testing payments using the central-bank-issued currency, which ran from April 1
to June 30 and the second stage would expand the number of merchants and bring in remittances.A 7-Eleven store in the city of Gunpo
The convenience store chain was one of the merchants taking part in the CBDC trial
Source: Wikimedia CommonsKorean banks want stablecoinsThe banks reportedly wanted to focus on issuing their own stablecoins, seemingly as
there is a clearer path to financially benefiting from such tokens.On Wednesday, it was reported that eight South Korean banks would team up
desire to focus on stablecoins.Shares in the mobile payment app KakaoPay Corp were down 7% as of 2 pm local time, while payments firm Hecto
