Bank of Korea Excludes Bitcoin from Foreign Exchange Reserves
- The Bank of Korea has decided against including Bitcoin in its foreign exchange reserves.
- Concerns cited include Bitcoin’s price volatility and potential transaction cost increases.
- This decision follows a March 16 inquiry by Representative Cha Gyu-geun.
- Bitcoin does not meet the IMF’s criteria for foreign exchange reserves.
- Bitcoin is currently trading at approximately $83,450, down 23% from its January peak of $109,000.
The Bank of Korea has officially ruled out Bitcoin as part of its foreign exchange reserves due to concerns over price volatility and non-compliance with IMF standards. Currently, Bitcoin’s value stands at about $83,450, reflecting a significant decline from earlier this year.
Source (2.6)https://decrypt.co/310109/south-korea-central-bank-rules-out-bitcoin-as-reserve-asset?rand=52368
