South Korea’s Central Bank reportedly does not plan to include Bitcoins (BTC) as part of its Foreign Exchange Reserves.
The Bank of Korea stated that “a cautious attitude is required” in relation to Bitcoin. The report, which was published by The Korea Herald (a South Korean media outlet), cited the volatility of Bitcoin’s prices.
Bank of Korea says that Bitcoins and other crypto-assets do not meet the requirements for foreign currency reserves set forth by the International Monetary Fund. This is due to the low liquidity of these assets, their small value on the market and the lack of credit ratings.
As the US government embraces the crypto industry, the Korean central bank has made comments about Bitcoin and digital assets.
In the first week of this month, Donald Trump issued an executive order establishing a Bitcoin and cryptocurrency reserve.
David Sacks said that the White House’s “crypto-czar” will build the reserve with Bitcoins forfeited in criminal or civil forfeiture proceedings.
This means that taxpayers will never pay a penny. The US government is believed to own about 200,000 Bitcoins, but there’s never been an audit. The E.O. The E.O.
The US won’t sell Bitcoins deposited in the Reserve. The Reserve will serve as a safe-keeping of value. It is a virtual Fort Knox, storing the digital gold .’ that has been called by many.
The US government has already lost over $17 billion due to premature sales of Bitcoin. The federal government now has a plan to maximize its Bitcoin holdings .”
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This report may change as new information becomes available.
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