It is reported that banks spent 30 billion won on the first phase of the CBDC test project in the Han River. However, the number of participants in the test is less than 100,000. This means that it costs at least 300,000 won per person. The second phase of the project is facing difficulties due to the backlash from banks that are burdened with costs.
The Bank of Korea's CBDC project has been underway for over four years. During this time, the market capitalization of Tether and USDC has increased by about three times, and various services utilizing stablecoins have emerged.
Both speed and cost are extremely inefficient. If stablecoins are led in such an environment, the outcome is predictable. While the 30 billion won already spent and the four years cannot be undone, I hope this is where it ends.
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