Gyeonggi Province, South Korea, halts stablecoin introduction project; completion originally scheduled for February 2027 may be delayed

Odaily reports: Gyeonggi Province, South Korea, has suspended its research project on a stablecoin introduction plan, citing the need to consider policy developments related to the Digital Asset Basic Act and other regulations. The project is reported to have launched in early July this year, with an original plan to conduct the first-phase proof of concept (PoC) in August and to advance the second phase of expansion and testnet from October to December, but it has not yet made substantive progress.

However, a Gyeonggi Province official explained that the project has not been canceled; the suspension is mainly due to considerations of the policy environment rather than an across-the-board budget cut. The original end date of February 2027 will be affected, and the final completion time may be delayed. (NexBlock)