South Korea's People Power Party Opposes Advancing Central Bank Digital Currency, Calls for Enhanced Security Safeguards First

TechFlow reports that on September 14, according to Digital Asset, South Korea's People Power Party strongly opposed the government introducing central bank digital currency (CBDC) before laws and institutional safeguards are fully established. Party representative Jang Dong-hyuk stated that while CBDCs may improve payment convenience and efficiency, they should not be rushed forward solely for convenience. It is essential to first clarify the scope of transaction traceability, determine whether fund usage and terms could be controlled, and ensure the public's right to choose currency is protected. He also noted that the United States has halted progress on retail CBDCs due to privacy concerns, and major economies such as Japan have not rushed to issue them. The Bank of Korea is currently advancing related pilot programs through the "Hangang Project."