The Bank of Korea, the central bank of South Korea, has never considered the idea of diversifying its reserves with the help of Bitcoin, according to a report by Korea Economic TV.
It has stated that Bitcoin does not meet standards for inclusion in the reserves, with volatility being one of the main concerns.
Godfrey BenjaminAs reported by U.Today, some local industry leaders have urged the Democratic Party of Korea (DP), the country's main centrist-liberal party, to respond to the U.S. cryptocurrency reserve initiative.
Earlier this month, the world's biggest economy established a Bitcoin reserve, which will initially consist of forfeited coins. On top of that, it has also created a stockpile of alternative cryptocurrencies.
A member of the party then sent an inquiry regarding the central bank's stance on adding Bitcoin to its reserve.
South Korea, the 12th biggest economy in the world, has close to $410 billion in total reserves.
In January, Christine Lagarde, the president of the European Central Bank (ECB), also stated that the central banks of the General Council will not make Bitcoin part of their reserves. This came after Ales Michl, the governor of the Czech National Bank, proposed spending billions on buying Bitcoin as a means of diversification.
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Vladislav Sopov
Dan Burgin