Bitcoin does not meet the standards for foreign reserves

South Korea has no plans for the inclusion of Bitcoin in its foreign currency reserves, in accordance with the Central Bank of Earth.

16. Marta, Local Media Outlet Ionhap export If Korea Bank officials turned off the addition of Bitcoin (Btc) Her foreign exchange reserves in response to a written inquiry of Cha Giu-Geun planning and Finance Committee for Finance Assembly.

The Central Bank has quoted high instability of Bitcoin as a major concern, warning that “transaction costs for bitcoin can be drastically” if the crypto market is experiencing instability.

Officials also pointed out that Bitcoin does not meet the projects of the International Monetary Facility for Foreign Exchange reserves, which require property maintenance, market stability and credit rating and credit rating investment or more.

Discussions around the national crypto reserves gained traction on the global side, especially after the government’s decision now Yes Establish a Bitcoin Strategic Reserve. Some countries, like Brazil and the Czech RepublicThey even expressed openness for the idea.

However, Bank Korea claimed that “careful approach”, noting that institutions like the European Central Bank, Switzerland National Bank and Japanese financial organs share similar skeptical apartment.

The bank further clarified that it did not even reconsider the formally considered the possibility of including Bitcoin in his reserves.

According to Ionhap, some Korean Democratic Party members called on the Central Bank to investigate the potential role of Bitcoin in the country’s financial system in Politika Seminar 6. March.

As before export by Cripto.News, the Financial Services Commission also took on similar apartment. In November, Kim Biung-Hvan was admitting calls to the Bitcoin National Reserve, but rejected the idea as premature

However, South Korea gradually loose its position on CRIPTO regulations. The financial clock of the country is working on lifting restrictions on institutional cryptane trading and prepares another legal framework focused on stable monitoring.

Also are policy makers in view of Allowing the CRIPTO Exchange Funds, which, according to the presidency of Korea exchanges, could bring fresh opportunities to the financial sector of the country.