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The Bank of Korea said on the 28th that Shin Seong-hwan, a Monetary Policy Committee member, voiced a minority opinion at the Monetary Policy Committee's meeting on the direction of monetary policy that "it is necessary to lower the base rate to an annual 2.25%." With the minority opinion emerging, assessments have emerged that the likelihood of a rate cut at the next Monetary Policy Committee meeting scheduled for October has increased. Reporter Kang Jin-kyu josep@hankyung.com

The Bank of Korea said it will pursue a government project to distribute some 110 trillion won in government subsidies as a digital currency as a detailed part of the second phase of the Hangang project. Aimed at banks that voiced dissatisfaction with investment amounts in the first-phase project, it said, "This project will be carried out only with banks that are willing to invest." Lee Chang-yong, governor of the Bank of Korea, said on the 28th at a press briefing after the Monetary Policy Board meeting on monetary policy direction, in response to a question about the government's announcement to pay government subsidies in digital currency, "(It will be carried out) as part of the second phase of the 'Hangang' project (the Bank of Korea's digital currency project)." This project will pay part of government subsidies totaling 112 trillion won in digital currency instead of cash or vouchers. Using blockchain technology, the aim is to prevent subsidies from being used inappropriately and to reduce administrative and financial costs associated with managing them. The digital currency will be issued by commercial banks based on the Bank of Korea's central bank digital currency (CBDC) and a blockchain system, and transferred to beneficiaries' e-wallets (smartphone apps). The currency will be linked to the existing monetary value and can be checked and managed in real time on the Bank of Korea's digital ledger, the blockchain. The difference from the Bank of Korea's CBDC is that its usage is restricted. While a CBDC can be used anywhere like cash, the government's digital currency can only be transacted between beneficiaries and businesses related to government subsidies. Governor Lee explained, "If subsidies are paid in digital currency, it is possible to program them so that the prime contractor can pay a subcontractor directly when contracting, or so that subsidies for a specific project can only be used to pay related firms," and added, "Deputy Prime Minister Koo Yun-cheol gave this suggestion when he visited the Bank of Korea recently." Governor Lee also made clear that this project will proceed with only some banks. He said, "Because the scale exceeds 110 trillion won, there will be incentives for banks to participate," and "Based on the experience of the first-phase project, we will not open it to all banks but will focus on banks that intend to invest." This appears to be a remark mindful of complaints that participating banks raised to the Bank of Korea over infrastructure investment costs in the first-phase project, which ran until July. At the time, some banks protested, saying, "The Bank of Korea pushed the infrastructure build and merchant acquisition onto the banks and only urged them on." The release of that report also sparked controversy. Inside and outside the Bank of Korea, it is expected that banks that raised complaints then will find it difficult to participate in this project. Reporter Kang Jin-kyu josep@hankyung.com

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On the 11th (local time), virtual asset (cryptocurrency) specialized media Cointelegraph reported that Paul Engelmayer, a judge of the Southern District of New York, said Do Kwon, the founder of Terraform Labs, could submit an amended answer (pleading) on the 12th (local time). This suggests that Do Kwon may partially or fully change his prior position of pleading not guilty to the 9 felony charges and admit guilt. Earlier, Do Kwon had declared himself not guilty of the charges in January.

President Lee Jae-myung will hold a South Korea–U.S. summit with U.S. President Donald Trump in Washington, D.C. on the 25th. The meeting will take place 82 days after President Lee took office. Kang Yoo-jung, a spokesperson for the Blue House, said at a briefing on the 12th, "President Lee will visit the United States from the 24th to the 26th at the invitation of President Trump." Kang said, "The two leaders plan to discuss ways to develop the Korea-U.S. alliance into a 'future-oriented comprehensive strategic alliance' in response to changing international security and economic environments," and added, "While strengthening a robust Korea-U.S. combined defense posture, they will also discuss measures to build peace on the Korean Peninsula and cooperate on denuclearization." The two presidents are also scheduled to consult on measures to strengthen economic cooperation and an economic security partnership, including manufacturing sectors such as semiconductors, batteries, and shipbuilding, based on the tariff agreement reached at the end of last month. This visit to the United States is characterized as a 'working visit.' Unlike a state visit or official visit, the presidential office explained that this visit is focused on in-depth consultations between the leaders on agenda items of mutual interest without a welcoming ceremony. The presidential office said it will announce details of the summit and working lunch with President Trump at the White House and other schedules as they are finalized. An economic delegation including business leaders is also expected to accompany the president on this trip. It is likely to include the heads of the four major conglomerates — Lee Jae-yong, chairman of Samsung Electronics; Chey Tae-won, chairman of SK Group (and chairman of the Korea Chamber of Commerce and Industry); Chung Eui-sun, chairman of Hyundai Motor Group; and Koo Kwang-mo, chairman of LG Group — as well as Kim Dong-kwan, vice chairman of Hanwha Group; Jung Ki-sun, chief vice chairman of HD Hyundai Group; and Ryu Jin, chairman of the Korea Economic Association. These business leaders, who are active in the United States, also engaged in behind-the-scenes communication with U.S. political and business circles to secure the tariff agreement. President Lee is highly likely to visit the Hanwha Philadelphia shipyard acquired by Hanwha Group. Kang said, "(A visit to the shipyard) is predicted to be quite possible." The Hanwha Philadelphia shipyard is regarded as the frontline base of the MASGA (Make American Shipbuilding Great Again) project, which played a decisive role in the tariff negotiations. On the 30th of last month, just before President Trump was to sign the tariff agreement, dozens of high-ranking U.S. government officials visited the shipyard, including John Pellen, U.S. Secretary of the Navy, and Russell Boat, director of the White House Office of Management and Budget. After the tariff agreement was reached at the end of last month, President Trump posted on social media, "When President Lee visits the White House within two weeks for a bilateral meeting, an additional investment amount will be announced." However, given the volume of outstanding issues between the two leaders, the meeting date was agreed to be the 25th. Some analysts say that President Trump's mention of "within two weeks" is political rhetoric he commonly uses and should not be given too much weight. The New York Times reported that "two weeks is President Trump's favorite unit of time." Kang said, "It is hard to see President Trump's 'within two weeks' as a precise deadline; it can be viewed as a date that was set during practical coordination." The Blue House, the Foreign Ministry, and the Ministry of Trade, Industry and Energy are reportedly selecting the agenda items to be put on the Korea-U.S. summit table and preparing response plans for various scenarios. On the negotiation table, modernization of the Korea-U.S. alliance, including adjustments to the role of U.S. Forces Korea, is expected to be a primary topic. Elbridge Colby, Deputy Assistant Secretary of Defense for Policy, and J.B. Branson, commander of U.S. Forces Korea, have repeatedly suggested the possibility of reducing U.S. forces in Korea. Given President Trump's tendency for off-the-cuff remarks, he may demand immediate additional openings for agricultural and livestock products such as beef and rice during the meeting. According to Kyodo News and other outlets, President Lee may stop in Japan before visiting the United States to hold a South Korea-Japan summit with Prime Minister Shigeru Ishiba. Kang said, "We are examining various possibilities with a shared view that, for example, resuming shuttle diplomacy and other mutual understandings could create opportunities for a leaders' meeting." Kim Hyung-kyu reporter khk@hankyung.com

Internet bank K-Bank announced on the 13th that it posted a net profit of KRW 68.2 billion in Q2 this year. This is an increase of 96.3% compared with the same period last year (KRW 34.7 billion), making it the largest quarterly performance on record. Interest income fell from KRW 128.6 billion in Q2 last year to KRW 103.3 billion in Q2 this year, a decrease of KRW 25.3 billion (19.7%). Although loan balances grew 10.8% during this period, interest income declined as profitability worsened due to cuts in the benchmark rate and interest expenses paid on won deposits from Upbit, the country's largest cryptocurrency exchange, increased. Instead, non-interest income rose from KRW 16.9 billion in Q2 last year to KRW 19.7 billion in Q2 this year, up 16.2%. The reduction in provision expenses from KRW 56.2 billion to KRW 41.3 billion (26.5%) during the same period also helped drive the strong results. Reporter Jeong Ui-jin justjin@hankyung.com

Growing U.S. stock market AI bubble debate… 'Madness' vs 'Bull market continues' Pessimism is spreading that the artificial intelligence (AI) theme, which has driven the stock price rises of tech companies since 2023, may be in a bubble. Analyses are emerging that the results may be limited compared to the scale of corporate investment in AI. There have also been criticisms that the situation in which small companies are raising huge amounts of money is irrational. On the 19th (local time) in the New York market, the Nasdaq index closed at 21,314.95, down 1.46% from the previous day. It is interpreted that accumulating pessimistic analyses about the AI industry stimulated investors' desire to sell. The previous day, a research team under the Massachusetts Institute of Technology (MIT) released a report pointing out, "Only 5% of AI pilot programs have generated value of millions of dollars, and the remaining 95% have produced no revenue." The analysis is that while companies are using customized AI tools, the majority of AIs do not provide practical help. According to Stanford, U.S. private AI investment grew from $47.4 billion in 2022 to $109.1 billion last year, more than doubling. Added to this, Sam Altman, CEO of OpenAI, said the AI industry may be in a bubble, increasing investor anxiety. According to CNBC, in a recent interview with tech outlet The Verge he said, "It is true that investors are excessively excited about AI," and "the valuations of AI companies are already at uncontrollable levels." Altman reportedly mentioned the word 'bubble' three times in a 15-second remark. He also described the situation in which a startup with only three employees raises hundreds of millions of dollars as "madness." As a result, tech companies with market capitalizations over $1 trillion, such as Nvidia (-3.5%), Broadcom (-3.55%), and Microsoft (-1.42%), all fell. Palantir, an AI defense contractor that recently reported strong earnings, also plunged 9.35% that day, extending a five-trading-day decline. The Financial Times (FT) said, "There was a time in January when the emergence of China's DeepSeek raised questions about U.S. companies' dominance of the AI market and semiconductor demand," adding, "The stock price has recovered, but this is a clear example of how sensitively investors react to negative news about AI." Apollo Global Management warned that the AI frenzy could exceed the dot-com bubble in scale. However, some see the Nasdaq index, which has risen more than 40% since the April low, as simply taking a breather. Jason Bronchetti, Chief Investment Officer (CIO) at Lincoln Financial, said, "It is historically normal for the market to temporarily stop rising as it readjusts." Wall Street's optimism about AI also remains. This is because major tech companies have recently reported results that beat market expectations and are expanding AI-related investment plans. Dan Ives, head of global technology research at Wedbush Securities, explained in an interview with Fortune, "(AI investment) is a situation in which trillions of dollars are being invested to build the infrastructure of the Fourth Industrial Revolution." He continued, "The AI revolution will drive a tech bull market over the next 2-3 years," adding, "This is the opportunity of 1996, not the collapse of 1999." The CIO of Saperstein Treasury Partners also predicted, "Large tech stocks will continue to lead the market and drive performance." Reporter Han Kyung-je hankyung@hankyung.com

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Hello, This is the Bloomingbit Operations Team. Recently, through our internal systems, we identified a large number of accounts that participated in the reward (STE) campaign using abnormal methods. As a result, penalties such as the retrieval of rewards and account restrictions have been imposed on those users. Fraudulent activities are a serious violation that undermines the reliability and fairness of our service, and Bloomingbit is responding strictly to the following actions. <Types of Major Fraudulent Participation Identified> 1. Repeated clicks using automated programs (macros) 2. Accessing via IP bypass through proxy and VPN 3. Utilization of multiple accounts created solely for claiming rewards 4. Abnormally high-frequency access and clicks on content in a short period Affected users will be subject to penalties such as reward retrieval, campaign participation restriction, and partial account functionality restriction, effective as of August 5, 2025, 10:00 AM, without prior warning. These measures have been determined after sufficient review in accordance with internal standards. <Appeals and Explanation Process> If you wish to appeal this penalty, please submit supporting materials via the customer service center (help@bloomingbit.io) by August 12, 2025 (Tuesday) at 10:00 AM. If no appeal is received by the deadline, requests for reinstatement will not be accepted, and the measures will be finalized. These penalties are based on Bloomingbit’s internal standards and system verification, and will be applied equally regardless of intent or user awareness. There will be no disadvantages for the vast majority of users who participated legitimately, and we will continue to prioritize fairness and transparency in our service operations. Thank you for your cooperation in maintaining the healthy operation of the STE campaign. Thank you. Bloomingbit Team ---------------------------------------------------------------- Total penalized users: 6 eeg@gmail.com / wnr@gmail.com / lee@gmail.com zvxd@privaterelay.appleid.com / bit@kakao.com / 1gg@gmail.com

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