South Korea snubs Bitcoin reserve as North Korea hoards BTC through cyber crime

South Korea and North Korea person taken sharply contrasting positions connected Bitcoin arsenic South Korea’s cardinal slope has reportedly ruled retired BTC arsenic portion of its overseas speech reserves.

Why South Korea dismissed BTC

According to the report, the Bank of Korea (BOK) stated that Bitcoin does not conscionable the International Monetary Fund’s (IMF) criteria for reserve assets, which stress liquidity, stability, and recognition hazard management.

Besides that, the authorities noted the request for a cautious approach, highlighting Bitcoin’s terms fluctuations arsenic a important drawback.

This marks the archetypal clip South Korea’s cardinal slope has explicitly addressed Bitcoin’s relation successful nationalist reserves. Its determination aligns with accepted fiscal institutions’ cautious stance connected cryptocurrencies, adjacent arsenic planetary discussions connected integer assets proceed to evolve.

Meanwhile, South Korea’s rejection of Bitcoin arsenic a reserve plus besides contrasts with caller moves by the United States.

President Donald Trump’s enforcement bid to found a strategic Bitcoin reserve has intensified discussions astir the relation of integer currencies successful nationalist fiscal strategies.

North Korea amasses Bitcoin

While South Korea remains wary of Bitcoin, North Korea has go 1 of the largest state-backed holders of the asset.

The country’s BTC reserves person surpassed those of Bhutan and El Salvador, 2 nations that person actively incorporated Bitcoin into their fiscal strategies.

Data from Bitcoin Treasuries indicates North Korea holds 13,518 BTC, valued astatine astir $1.13 billion. This places its holdings supra Bhutan’s 10,635 BTC and El Salvador’s 6,118 BTC.

Unlike these nations, which acquired BTC done mining oregon authoritative purchases, North Korea’s accumulation is tied to the cybercriminal activities of Lazarus Group and is being utilized to money the country’s weapons program.

The Lazarus Group, a state-backed hacking organization, has played a cardinal relation successful this buildup. The syndicate has been linked to respective high-profile crypto speech breaches, including attacks connected DMM Bitcoin and Bybit.

These cyber operations person allowed North Korea to amass important BTC reserves contempt planetary sanctions and economical restrictions.

The station South Korea snubs Bitcoin reserve arsenic North Korea hoards BTC done cyber crime appeared archetypal connected CryptoSlate.