According to a report by Korea Economic TV, the Bank of Korea, which serves as South Korea’s central bank, has never contemplated diversifying its reserves by including Bitcoin.
The bank has indicated that Bitcoin does not qualify for inclusion in its reserves, primarily due to its volatility being a significant concern.
As noted by U.Today, several local industry leaders have called on the Democratic Party of Korea (DP), the major centrist-liberal party in the country, to react to the United States’ initiative regarding cryptocurrency reserves.
Earlier this month, the largest economy in the world established a Bitcoin reserve, which will start with confiscated coins. Additionally, it has created a reserve of various alternative cryptocurrencies.
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Subsequently, a member of the party raised a question regarding the central bank’s position on incorporating Bitcoin into its reserves.
South Korea, ranked as the 12th largest economy globally, has approximately $410 billion in total reserves.
In January, Christine Lagarde, president of the European Central Bank (ECB), also expressed that the central banks within the General Council will not include Bitcoin in their reserves. This statement followed Ales Michl, the governor of the Czech National Bank, suggesting that billions could be utilized to purchase Bitcoin for the purpose of diversification.
