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Bank of Korea Rejects Bitcoin Reserve Plans, Citing Volatility

Despite growing global discussions on cryptocurrency adoption, the Bank of Korea (BOK) has ruled out adding Bitcoin to its foreign exchange reserves, citing high volatility and liquidity concerns.

In a March 16 response to a written inquiry from Representative Cha Gyu-geun of the National Assembly’s Planning and Finance Committee, central bank officials stated that they have “neither discussed nor reviewed” the possibility of integrating Bitcoin into national reserves.

“Bitcoin’s price volatility is very high. In times of cryptocurrency market instability, transaction costs to cash out Bitcoins could rise drastically,” the BOK stated, as reported by the Korea Herald.

Bitcoin’s recent price swings reinforce these concerns. Over the past month, Bitcoin has fluctuated between $98,000 and $76,000 before settling at around $83,000, marking a 15% decline since mid-February, according to CoinGecko.

Calls for Bitcoin Adoption Grow as U.S. Takes a Strategic Step

The BOK’s cautious stance comes amid a global wave of interest in Bitcoin reserves. Earlier this month, U.S. President Donald Trump issued an executive order establishing a strategic Bitcoin reserve and digital asset stockpile, signaling a shift in how nations approach cryptocurrency.

On March 6, crypto industry lobbyists and members of Korea’s Democratic Party pushed for integrating Bitcoin into the country’s reserves. They also proposed the development of a won-backed stablecoin to strengthen South Korea’s digital financial ecosystem.

Bitcoin Fails to Meet Central Bank Criteria

Despite increasing pressure from crypto advocates, the Bank of Korea remains firm in its decision. Officials reiterated that South Korea’s foreign exchange reserves must meet strict criteria, including:

  • High liquidity – Assets must be quickly accessible for economic stability.
  • Investment-grade credit ratings – Reserves should maintain a strong financial backing.

Currently, Bitcoin does not meet these requirements in the central bank’s view, making it an unlikely addition to South Korea’s national reserves.

Professor Yang Jun-seok of the Catholic University of Korea echoed the central bank’s stance, emphasizing that reserves should align with the currencies of major trading partners. Meanwhile, Professor Kang Tae-soo of KAIST suggested that the U.S. is more likely to leverage stablecoins rather than Bitcoin to maintain the dollar’s dominance in the global financial system.

South Korea’s Crypto Future: Stablecoins Over Bitcoin?

While South Korea remains hesitant about Bitcoin reserves, the country is actively monitoring global crypto trends. Recently, South Korea’s financial regulator studied Japan’s Financial Services Agency’s approach to crypto assets and is considering lifting its ban on crypto exchange-traded funds (ETFs).

As the debate around national crypto reserves intensifies, South Korea may explore alternative digital asset strategies, focusing on stablecoins and regulated financial instruments rather than volatile cryptocurrencies like Bitcoin.

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