South Korea's Central Bank Resists Bitcoin Amid Global Trend Towards Crypto Reserves
by aria-crypto.com
March 18, 2025 at 03:36
South Korea's Central Bank Resists Bitcoin Amid Global Trend Towards Crypto Reserves
South Korea's central bank has ruled out adding Bitcoin to its foreign exchange reserves, citing the cryptocurrency's high volatility and non-compliance with international reserve asset standards. This decision aligns with the cautious stance of several other global financial institutions regarding the inclusion of cryptocurrencies in strategic reserves. During a discussion initiated by Representative Cha Gyu-geun of the Planning and Finance Committee, the Bank of Korea (BOK) confirmed it had not contemplated such an action and dismissed any plans as impractical, citing a lack of alignment with International Monetary Fund (IMF) requirements such as credit rating and liquidity.
Contrary to South Korea's conservative approach, there is a growing international interest in integrating Bitcoin into national reserves, highlighted by recent U.S. endorsements and El Salvador's inclusion of Bitcoin in its economic strategy. Yet, the BOK maintains a preference for more stable and liquid assets and currencies of major trading partners to back its foreign reserves. Meanwhile, South Korea continues to advance in regulating cryptocurrency exchanges and digital asset trading, while preserving its competitive edge in the evolving digital asset arena, and some local cryptocurrency proponents suggest considering an economic diversification into Bitcoin and even proposing a stablecoin backed by the South Korean won.
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