BOK Rejects Bitcoin for Reserves Due to Volatility

user avatar

by Giorgi Kostiuk

2 years ago

The Bank of Korea has stated their decision against including Bitcoin in the country's foreign exchange reserves.

Bank of Korea's Statement

The Bank of Korea has stated that it has never considered including Bitcoin in the country's foreign exchange reserves. They highlighted the need for caution in adding Bitcoin to financial assets.

Bitcoin Volatility

According to Korea Economic TV, the bank identified Bitcoin's extreme price volatility as a major concern. The price of Bitcoin has ranged from 160 million won to 110 million won recently. Some experts warn that Bitcoin's value could drop to zero at any time.

IMF Criteria for Reserves

The Bank of Korea explained that Bitcoin does not meet the International Monetary Fund's standards for foreign exchange reserves. According to the IMF, reserves must be liquid, marketable, and expressed in a convertible currency with a high credit rating. It was also noted that other major financial institutions, like the European Central Bank, hold negative views on this matter.

"There has been no discussion or review of Bitcoin's inclusion in foreign exchange reserves."The Bank of Korea

The Bank of Korea firmly excludes the possibility of including Bitcoin in their foreign exchange reserves, emphasizing the cryptocurrency's volatility and non-compliance with international standards.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

CZ Calls Out Elon Musk Amid Binance Hack

Changpeng Zhao, co-founder of Binance, publicly addressed Elon Musk after his mocking response to a significant hack affecting the exchange.

user avatarMaria Fernandez

RUNE Price Surges Amid Ongoing Investigations into Stolen Cryptocurrency

RUNE's price increased from a local low of 0.59 to approximately 0.67 as investigations into stolen cryptocurrency movements through decentralized platforms, including THORChain, intensified.

user avatarGustavo Mendoza

Trezor Issues Urgent Security Warning for Safe 5 Wallets

Trezor has issued a security warning to customers who purchased Safe 5 hardware wallets through the Southeast Asian reseller CryptoBilis since March 2026, advising them to transfer their cryptocurrency to a newly generated wallet due to a potential hidden cellular implant.

user avatarRajesh Kumar

MEXC Introduces Canton 0Fee Carnival for Traders

MEXC has launched the Canton 0Fee Carnival, enabling users to trade CC spot and futures pairs without fees from October 30 to November 30, 2026, and participate in a prize pool of 1 million.

user avatarMiguel Rodriguez

XRP Ledger Foundation Clarifies Proposal's Routine Nature

The XRP Ledger Foundation clarifies that proposed changes to the token approval process are routine improvements and unrelated to any security incidents.

user avatarLuis Flores

XRP Ledger Developers Propose Tighter Token Approval Controls

XRP Ledger developers propose amendments for stricter token approval controls to enhance protocol safeguards and ensure consistent application of approval requirements.

user avatarArif Mukhtar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.