On March 17, according to a report by Korean Economic TV, the Bank of Korea clearly stated that "it has never considered including Bitcoin in foreign exchange reserves". In response to a written inquiry from National Assembly member and Planning and Finance Committee member Che Gue-geun, the Bank of Korea stated on the 16th that "we believe we need to be cautious about the issue of including Bitcoin in foreign exchange reserves."
This is the first time the Bank of Korea has expressed a position on the issue of Bitcoin reserves. The Bank of Korea's primary reason for taking a negative attitude 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 in the process of realization. We believe that Bitcoin also does not meet the foreign exchange reserve calculation standards of the International Monetary Fund (IMF). To date, we have never discussed or considered including Bitcoin in foreign exchange reserves." The Bank of Korea added: "As far as we know, 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."
