According to a March 6 report by The Korea Herald, South Korea's Democratic Party has indicated that it could revamp the country's crypto policy.
During a recent event hosted by the main opposition party, xCrypton CEO Kim Jong-seung called for responding to the US initiative to establish a strategic cryptocurrency reserve.
The US reserve is supposed to include Bitcoin and several other tokens, including XRP. The flagship cryptocurrency will supposedly have a unique status within the reserve.
South Korea's reserves include US dollars, government bonds, corporate bonds as well as gold. As of February, the country's total reserves stood at $409.2 billion, reaching the lowest level in more than four years. South Korea's total gold holdings stand at roughly $5 billion.
Tomiwabold OlajideThe country comes in ninth place in term of the total amount of foreign exchange reserves. It is above Germany, which ranks tenth with a total of $400 million worth of reserves.
As reported by U.Today, Christian Lindner, Germany's former finance minister, has advocated for adding Bitcoin to the country's reserves. He also argued that the EU should make a similar move.
Meanwhile, the Japanese government is reportedly skeptical of the idea of creating a Bitcoin reserve.
It remains to be seen whether such an initiative will gain significant traction around the globe.
As reported by U.Today, Strategy CEO Michael Saylor recently opined that the U.S. could benefit if it ends up outpacing other countries in terms of Bitcoin adoption.
Dan Burgin
Vladislav Sopov