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

Odaily reports that the Bank of Korea has 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 on the 16th, the Bank of Korea said, "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 its position on the issue of Bitcoin reserves. The first reason the Bank of Korea has a negative attitude is the high volatility of Bitcoin prices. In this regard, the Bank of Korea pointed out that "if the virtual asset market becomes unstable, Bitcoin may face the risk of a sharp increase in transaction costs in the process of realizing its value." In addition, the Bank of Korea also stated that "we believe Bitcoin also does not meet the foreign exchange reserve calculation standards of the International Monetary Fund (IMF)." Based on these reasons, the Bank of Korea replied that "to date, we have never discussed or considered including Bitcoin in foreign exchange reserves." The Bank of Korea also added that "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."