The Central Bank of Zuid -Korea is said to have no plans to include Bitcoin (BTC) in his foreign exchange reserves.
The Bank of Korea said: “A cautious approach is needed” when it comes to Bitcoin, referring to the price volatility of the top crypto asset, according to a new report from the Korea Herald, a South Korean news output.
“In the case of cryptocurrency instability, transaction costs to redeem bitcoins can rise drastically.”
The Bank of Korea adds that Bitcoin and other crypto assets do not meet the requirements for exchange rate reserve set by the International Monetary Fund (IMF) because of their relatively low liquidity, small market value and non-existent creditworthiness.
The comments from the Korean central bank about Bitcoin and digital assets come when the US government takes steps to embrace the crypto sector.
Earlier this month, President Donald Trump signed an executive order to create a strategic bitcoin and crypto reserve.
David Sacks, the “Crypto tsar of the White House”, said that the reserve will be built with Bitcoin that was forfeited as part of the procedures for criminal or civil assets.
“This means that it does not cost taxpayers any dime.
The US will not sell Bitcoin in the spare. It will be held as a WORNS of value. The reserve is like a digital Fort Knox for the cryptocurrency that is often called ‘digital gold’.
Early sale of Bitcoin has already cost American taxpayers more than $ 17 billion in lost value. Now the federal government will have a strategy to maximize the value of its participations. “
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