CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino
crypto.news 2025-03-17 05:54:25

Bank of Korea: Bitcoin doesn’t meet foreign reserve standards

South Korea has no plans to incorporate Bitcoin in its foreign exchange reserves, according to the country’s central bank. On Mar. 16, local media outlet Yonhap reported that officials from the Bank of Korea ruled out adding Bitcoin ( BTC ) to its foreign exchange reserves in response to a written inquiry from Representative Cha Gyu-geun of the National Assembly’s Planning and Finance Committee. The central bank cited Bitcoin’s high volatility as a major concern, warning that “transaction costs to cash out Bitcoins could rise drastically” if the crypto market experiences instability. Officials also pointed out that Bitcoin does not meet the International Monetary Fund’s criteria for foreign exchange reserves, which require assets to maintain liquidity, market stability, and a credit rating of investment grade or higher. Discussions around national crypto reserves have gained traction globally, especially following the U.S. government’s decision to establish a Strategic Bitcoin Reserve . Some countries, like Brazil and the Czech Republic , have even expressed openness to the idea. Yet, the Bank of Korea maintained that a “cautious approach” is necessary, noting that institutions like the European Central Bank, the Swiss National Bank, and Japan’s financial authorities share a similarly skeptical stance. The bank further clarified that it has neither reviewed nor formally discussed the possibility of incorporating Bitcoin into its reserves. You might also like: South Korean FSC dismiss plans to build Bitcoin reserve ‘for the time being’ According to Yonhap, some members of the Korean Democratic Party urged the central bank to explore Bitcoin’s potential role in the country’s financial system in a March 6 policy seminar. As previously reported by crypto.news, the Financial Services Commission has also taken a similar stance. In November, FSC Chairman Kim Byung-hwan acknowledged calls for a national Bitcoin reserve but dismissed the idea as premature However, South Korea has been gradually loosening its stance on crypto regulations. The country’s financial watchdog has been working on lifting restrictions on institutional crypto trading and is preparing a second legal framework focused on stablecoin oversight. Policymakers are also considering allowing crypto exchange-traded funds, which, according to the chairman of the Korea Exchange, could bring fresh opportunities to the country’s financial sector. Read more: Bitcoin ETFs under review by South Korean regulators, FSS governor shares insights

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta