Latest news with #HanRiver
New York Times
04-07-2025
- Lifestyle
- New York Times
Trying to Win at Doing Nothing, With a Crowd Watching
Sitting cross-legged on a pink yoga mat, enjoying a cool spring breeze from Seoul's Han River and listening to traffic rumbling on the bridge overhead, I am trying to achieve a stony state of inactivity. Several things are making this difficult (and amping up my heart rate): a growing ache in my shoulders, the announcer's booming commentary, the weighty gaze of a crowd of spectators and an evolutionary instinct — passed down from our hunter-gatherer days — to stay active. The biggest stressor: wondering how I measure up against 79 fellow contestants, all of us striving — silent, expressionless, unmoving — to be the best nothing doer of all. This is the annual Space-Out Competition in Seoul. Part pageant and part boredom-endurance challenge, it requires participants to repose in silence for an hour and a half, with gentle interruptions every 15 minutes to have their heart rates measured. The winner is the person who achieves the highest combined score on two criteria: lowest and steadiest pulse, along with a highly subjective audience popularity vote. I entered the competition, in May, because the idea of sitting still for a whole 90 minutes during work hours to win a trophy seemed alluringly transgressive. I was also curious about an apparent contradiction: If I tried to win, wouldn't I necessarily lose? Want all of The Times? Subscribe.
Korea Herald
01-07-2025
- Business
- Korea Herald
Stablecoin hype dims BOK's CBDC ambition
Central bank's 'Han River' project loses traction due to high cost, low feasibility South Korea is poised to take a major step in digital finance with the push for a stablecoin tied to the Korean won. But as enthusiasm for private-led innovation grows, the Bank of Korea's central bank digital currency project appears to have lost steam. The shift underscores the country's lack of a coherent roadmap for integrating digital assets into its financial system, even as the transition to digital finance approaches a pivotal moment. BOK backs off The BOK recently notified local banks that the second phase of its central bank digital currency testing program, titled 'Project Han River,' has been put on hold. In April, the central bank launched the first phase of a pilot program to test the feasibility of a digital currency. Over a three-month test period, participants used tokenized deposits to purchase goods and services. The second leg of the pilot project was to take place in the fourth quarter, testing additional features such as person-to-person transfers and a simplified verification process. But the BOK has suspended the plan. "We plan to resume testing after thoroughly reviewing institutional changes, such as the clarification of stablecoin-related legislation. Once the uncertainties are somewhat resolved, we will discuss effective testing measures with participating institutions," a BOK official said. The suspension stems from the participating banks' uneasiness about the project, burdened by the costs of setting up the infrastructure for testing. The banks reportedly spent a combined 30 billion won ($22 million), a significant amount considering the absence of a clear timeline for full-scale implementation. Are stablecoins, CBDCs at odds? While banks remain doubtful about the implementation of a CBDC, they are eager to take the lead in the won-backed stablecoin market. In recent weeks, banks have been competitively filing trademark applications, combining KRW, the currency code for the Korean won, with abbreviations of their names. They are also launching task forces and seeking to launch joint ventures with tech partners. "Stablecoins are not a far-fetched idea. They have already become a part of the economy," an official from a local lender said. "Stablecoins allow for more concrete business discussions, while the institutionalization of CBDCs remains uncertain." Both stablecoins and CBDCs function as forms of payment, with stable values pegged to a fiat currency. However, they are also fundamentally different: CBDCs are state-issued payment instruments, while stablecoins are operated by the private sector. 'CBDCs are advantageous in terms of financial stability and settlement finality, while stablecoins excel in technological innovation and global scalability,' Lee Jung-su, associate professor of international financial transactions, said at a policy meeting held in May. 'The closed nature of CBDCs poses limitations in terms of international interoperability and geopolitical risks. In contrast, stablecoins offer greater flexibility with cost efficiency and cross-chain compatibility.' Though the two digital currencies are not mutually exclusive, the growing momentum for stablecoins could delay the rollout of a CBDC. If a stablecoin establishes itself as a major component of the digital asset market, the CBDC could lose ground. On the verge With a CBDC set aside for the moment, the question now lies in who will be allowed to issue won-backed stablecoins. The ruling Democratic Party of Korea has proposed allowing nonbanking entities to issue them. The BOK remains cautious on the move, however, as the unchecked issuance of won-based stablecoins by nonbanking entities could undermine the effectiveness of the bank's policy tools. Experts highlight that Korea is at a crucial turning point in shaping its digital finance landscape. 'When it comes to changes in the financial sector, it is always a question of finding a balance between stability and innovation. For the time being, Korea is on the brink of transformation,' said Lee Hyo-seob, a senior research fellow at Korea Capital Market Institute. 'Now is the time to prioritize innovation and from that perspective, nonbanking institutions can play a bigger role.'
Korea Herald
01-07-2025
- Business
- Korea Herald
Stablecoin hype dims BOK's CBDC ambitions
Central bank's 'Han River' project loses traction due to high cost, low feasibility South Korea is poised to take a major step in digital finance with the push for a stablecoin tied to the Korean won. But as enthusiasm for private-led innovation grows, the Bank of Korea's central bank digital currency project appears to have lost steam. The shift underscores the country's lack of a coherent road map for institutionalizing digital assets while it reaches a pivotal moment in its digital finance transition. BOK backs off The BOK recently notified local banks that the second part of its central bank digital currency testing program, titled 'Project Han River,' has been put on hold. In April, the central bank kicked off the first part of the pilot test, testing the feasibility of a digital currency. Through a three-month test period, participants used tokenized deposits to purchase goods and services. The second leg of the pilot project was to take place in the fourth quarter, testing additional features such as person-to-person transfers and a simplified verification process. But the BOK has suspended the plan. "We plan to resume testing after thoroughly reviewing institutional changes, such as the clarification of stablecoin-related legislation. Once uncertainties are somewhat resolved, we will discuss effective testing measures with participating institutions," a BOK official said. The suspension stems from the participating banks' uneasiness with the project, burdened by excessive costs of setting up the infrastructure for testing. The banks reportedly spent a combined 30 billion won ($22 million) on the first part of the project, a large amount when considering the absence of a clear timeline for full-scale implementation. According to a report filed by the Korea Federation of Banks, an entity representing the local lenders here, the banks shared they have 'different thoughts' on the CBDC with the BOK in a meeting held with Gov. Rhee Chang-yong on June 23. Are stablecoin, CBDC at odds? While banks remain doubtful about the implementation of a CBDC, they are eager to take the lead in the won-backed stablecoin market. Over recent weeks, banks have been competitively filing trademark applications, combining KRW, the currency code for the Korean won, with abbreviations of their names. They are also launching task forces and seeking to launch joint ventures with tech partners. "Stablecoins are not a far-fetched idea. They have already become a part of the economy," an official from a local lender said. "Stablecoins allow for more concrete business discussions, while the institutionalization of CBDCs remains uncertain." Both serve a similar role as a means of currency, maintaining a steady valuation by being pegged to a fiat currency. Though the two digital currencies are not inherently contradictory, the growing momentum for stablecoins could push back the incorporation of CBDC. If a stablecoin establishes itself as a major means of the digital asset market, the CBDC could lose ground. On the verge The question now lies in who will be allowed to issue the new financial instrument. The ruling Democratic Party of Korea has proposed to allow nonbanking entities to issue won-backed stablecoins. The BOK remains cautious on the move, as the unchecked issuance of won-based stablecoins by nonbanking entities could undermine the effectiveness of its own policy tools. Experts highlight that Korea is at a crucial turning point in shaping its digital financing landscape. 'When it comes to changes in the finance sector, it is always a question of finding a balance between stability and innovation. For the time being, Korea is on the brink of transformation,' said Lee Hyo-seob, a senior research fellow at Korea Capital Market Institute. 'Now is the time to prioritize innovation and in such perspective, nonbanking institutions can play a bigger role.'
Pink Villa
30-05-2025
- Entertainment
- Pink Villa
SEVENTEEN's Woozi calls military hiatus ‘no big deal,' promises team 'will get back together' on return
SEVENTEEN has been dominating the K-pop scene lately, from their critically acclaimed 5th full album HAPPY BURSTDAY, to smashing it on the charts with their hit track THUNDER. Even celebrating their 10th anniversary with unforgettable performances by the Han River. Their momentum is undeniable, earning them top spots on touring revenue lists, surpassing even ATEEZ and BTS' J-Hope in recent figures. Truly, 2025 is shaping up to be a peak year for this powerhouse 13-member group. But with great success comes inevitable change. South Korea's mandatory military service means many K-pop idols, including SEVENTEEN members, must take a break from the spotlight. Right now, nine of the thirteen members are serving, with the rest, including vocalists Hoshi and Woozi, preparing to enlist soon. This naturally raises questions: What does this mean for the group's future? How will SEVENTEEN stay relevant when they're split up by military duty? The answer lies in a smart, intentional strategy — one that is followed by BTS. SEVENTEEN is emphasizing individuality by featuring solo songs from each member alongside group tracks ahead of military service. This approach isn't random; it's a calculated move to showcase each member's unique personality and talents while they're apart. In a recent Billboard interview, Hoshi shared, 'We would like to show more of our individualities, each of the members' personalities and capabilities, so that when the time comes and we get back together again as a group, we'll be able to showcase ourselves as a better SEVENTEEN.' This mindset reflects a deep confidence in their bond and the belief that separation is just a phase, not an end. Woozi echoed this sentiment, saying, 'We understand that fans are very sad that some of us are going to be away, but among ourselves, we don't consider this to be a really huge deal because we know that we are going to stay together.' For SEVENTEEN, military service isn't a setback—it's a natural transition, a chapter in their growth both individually and as a group. The members view it as an opportunity to develop personally and musically, so that when they reunite, they'll be stronger and more complete than ever before. Where does SEVENTEEN stand now? Currently, the group is riding a massive wave of success. They've been dubbed a 'super band' and hold the No. 3 spot on the midyear Boxscore charts for 2025, grossing an astounding USD 120.9 million and selling over 842,000 tickets on tour. Their influence is undeniable, and even with the staggered enlistment schedule, their legacy and momentum remain intact. In summary, while military enlistment marks a period of physical separation, SEVENTEEN is turning this challenge into a chance to shine individually and return as a more dynamic, evolved group. CARAT s might feel the absence, but the members' spirits remain united and focused on their long-term journey.
Malay Mail
23-05-2025
- Entertainment
- Malay Mail
K-pop group Seventeen to make history with landmark concert on Seoul's Jamsu Bridge
SEOUL, May 23 — Seventeen is set to make history this Sunday by becoming the first K-pop group to perform on Seoul's iconic Jamsu Bridge. Titled B-DAY PARTY: BURST Stage, the concert will celebrate the group's 10th anniversary and marks the first-ever K-pop performance to be held on a bridge spanning the Han River, according to The Korea Times. Tens of thousands of fans are expected to join the celebration, and authorities are stepping up safety measures in preparation. Seoul city officials have announced that access to Jamsu Bridge will be restricted before and after the 7.30pm show to ensure public 6,000 fans with reserved seats will be able to attend the concert directly on the bridge. However, a special viewing zone at Banpo Hangang Park will be available on a first-come, first-served basis, allowing more fans to enjoy the event for free.
