Korea may be the first battleground in a global struggle between central banks and private stablecoins for control of digital payments, as the Bank of Korea (BOK) governor makes unprecedented visits to major banks to promote CBDC, tokenized deposit alternatives over private stablecoin initiatives.
The Korea Times reported that Governor Rhee Chang-yong personally visited the country’s six largest banks to discuss wholesale central bank digital currency (wCBDC) projects, in what it described as an “unprecedented move.” The intervention comes as Korea’s largest banks announced plans to create a joint stablecoin just weeks after joining a central bank pilot project for tokenized deposits, setting up a potential race between public and private digital currency initiatives.
This competition in Korea could serve as a template for similar challenges worldwide, as central banks race to maintain monetary control in an increasingly digital financial landscape.
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