⚠️ South Korea CBDC plan draws warning over privacy risks

🔔 South Korea’s People Power Party has opposed any central bank digital currency rollout without legal safeguards covering privacy, spending controls and consumer choice. “I strongly oppose the introduction of CBDC until legal and institutional safeguards are perfectly established so that the public can feel safe,” Jang said.

👀 The conservative People Power Party sits in opposition to President Lee Jae Myung’s Democratic Party government. Jang took control of the party in August 2025 following its defeat in that year’s presidential election. Jang said payment convenience and efficiency did not justify proceeding before lawmakers settled questions about privacy and individual control. He asked how far authorities could trace citizens’ transactions and whether digital money could restrict where funds are spent.

⚠️ His statement raised the possibility that programmable currency could carry expiration dates or other conditions. Jang asked whether people would retain a right to choose their preferred form of money if South Korea introduced a central bank digital currency. “While there is a view that CBDC is a new technology capable of enhancing payment convenience and efficiency, we should not rush into it solely because of its convenience,” he said.