5 hours ago
South Korea's cardinal bank, the Bank of Korea (BOK), has taken a cautious stance connected including bitcoin successful its overseas speech reserves, per a Korea Economic Daily report.
In effect to a question posed by a subordinate of the National Assembly's Strategy and Finance Committee, the BOK made it wide connected Sunday that it has not entertained the conception of embracing BTC.
The superior deterrent for the BOK is bitcoin's notorious terms instability, wherever the cardinal slope fears that the chaotic swings successful the crypto marketplace could substantially inflate transaction costs erstwhile converting bitcoin to cash, posing a important hazard to its reserves.
The BOK further pointed retired that bitcoin fails to conscionable the International Monetary Fund's (IMF) overseas speech reserve absorption standards. The IMF emphasizes the value of prudently managing liquidity, market, and recognition risks — criteria that bitcoin, with its erratic nature, does not satisfy.
South Korea enjoys a flourishing crypto ecosystem, with section startups, tokens, exchanges and firms contributing billions of dollars successful regular trading volumes wrong a comparatively insular crypto market.
BTC trades implicit $83,400 successful Asian day hours, down 1% implicit the past 24 hours.
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