Source: Cointelegraph Original: "{title}"

The Bank of Korea stated that it is taking a "cautious approach" regarding whether to include Bitcoin in its foreign exchange reserves.

Central bank officials responded to written inquiries on March 16, stating that due to the high volatility of Bitcoin prices, they have not yet considered including Bitcoin in their reserves.

According to The Korea Herald, central bank officials, in response to a question from National Assembly’s Planning and Finance Committee representative Choi Kyung-gun, stated that they "have neither discussed nor reviewed the possibility of including Bitcoin in foreign exchange reserves," adding that "a cautious approach is necessary."

The Bank of Korea pointed out that "the price volatility of Bitcoin is very high," and added that "in an unstable cryptocurrency market, the transaction costs of cashing out Bitcoin could rise significantly."

According to CoinGecko, Bitcoin's price has fluctuated dramatically between $98,000 and $76,000 over the past 30 days, and has since dropped 15% since February 16, currently stabilizing at around $83,000.

This decision comes amid increasing global discussions about the role of crypto assets in national financial strategies, sparked by an executive order signed earlier this month by U.S. President Trump aimed at establishing strategic Bitcoin reserves and digital asset inventories.

At a seminar on March 6, lobbying groups from the crypto industry and some members of the Democratic Party of Korea called for the country to include Bitcoin in its national reserves and to develop a stablecoin backed by the Korean won.

However, the Bank of Korea emphasized that its foreign exchange reserves must be liquid and readily available when needed, and must also have an investment-grade or higher credit rating, which, in their view, Bitcoin does not meet.

Professor Yang Jun-sik from the Catholic University of Korea agreed, stating that "foreign exchange reserves should be held in proportion to the currencies of the countries we trade with, which is appropriate."

Professor Kang Tae-joo from the KAIST Graduate School of Finance commented that the U.S. may utilize stablecoins rather than Bitcoin to maintain dollar hegemony, adding, "Whether the International Monetary Fund will recognize stablecoins as foreign exchange reserves in the future is an important question."

Earlier this month, South Korean financial regulators reviewed the legislative trends of the Japanese Financial Services Agency regarding crypto assets while considering whether to lift the country's ban on cryptocurrency exchange-traded funds (ETFs).

Related: Concerns over market share, banks resist stablecoin legislative progress.

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