South Korea's central bank: Never considered adding Bitcoin to foreign exchange reserves

Odaily Planet Daily News The Bank of Korea has made it clear that it has "never considered including Bitcoin in its foreign exchange reserves." In response to a written inquiry from Congressman and member of the Planning and Finance Committee, Cha Guigen, on the 16th, the Bank of Korea said, "We believe that the issue of including Bitcoin in foreign exchange reserves needs to be treated with caution." This is the first time that the Bank of Korea has expressed its position on the issue of Bitcoin reserves. The first reason why the Bank of Korea is negative is the high volatility of Bitcoin prices. In this regard, the Bank of Korea pointed out: "If the virtual asset market becomes unstable, Bitcoin may face the risk of a sharp increase in transaction costs during the cash-out process." In addition, the Bank of Korea also stated: "We believe that Bitcoin does not meet the International Monetary Fund (IMF)'s foreign exchange reserve calculation standards." For these reasons, the Bank of Korea replied: "So far, we have never discussed or considered including Bitcoin in our foreign exchange reserves." The Bank of Korea also added: "It is understood that some countries such as the Czech Republic and Brazil have a positive attitude towards this, but the European Central Bank (ECB), the Swiss National Bank and the Japanese government have all expressed opposition."