The central bank in South Korea is said to have no plans to include Bitcoin (BTC) in foreign exchange reserves.
“It is a need for a cautious approach” when it comes to Bitcoin, citing the volatility of the higher encryption assets, for each. New report From Korea Herald, a South Korea news port.
“In the event of the instability of the cryptocurrency market, the costs of transactions to manufacture bitcoin currencies may increase significantly.”
Korea Bank adds that Bitcoin and other encryption assets fail to meet the requirements of the foreign exchange reserves developed by the International Monetary Fund (IMF) due to the relatively low liquidity, the small market value and the non -existent credit rating.
The Korean Central Bank’s comments on Bitcoin and digital assets come at a time when the United States government takes steps to embrace the encryption sector.
Earlier this month, President Donald Trump signed an executive thing that creates the strategic Bitcoin and encryption.
“The reserve will be built with Bitcoin, which has been confiscated as part of the procedures for confiscating criminal or civil assets.
“This means that taxpayers will not cost ten cents. It is estimated that the United States government possesses about 200,000 Bitcoin; however, there was no complete scrutiny. EO (the executive) is a full account of the federal government’s digital assets.
The United States will not sell any bitcoin deposited in the reserve. It will be kept as a value store. The reserve is similar to a digital fortress for the cryptocurrency, often called “digital gold”.
Bitcoin sales have already cost taxpayers in the United States, which exceeds $ 17 billion in the lost value. Now the federal government will have a strategy to increase the value of its property to the maximum. “
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