Bank of Korea Rejects Bitcoin Over Volatility Risks
Bank of Korea rejects Bitcoin as a reserve asset, and is also emphasizing extreme caution due to crypto market volatility. The South Korean Central Bank recently addressed an inquiry from Democratic Party lawmaker Cha Gyu-geun about whether the country would possibly, at some point, create a Bitcoin stockpile similar to the US plan that has been making news lately in financial circles. Also Read: CoinEx Listing Pi Coin: What’s Next After 19.3% Price Drop? Why the Bank of Korea Sees Bitcoin as Too Risky for Reserves Source: The Crypto Times Volatility Makes Bitcoin Unsuitable The Bank of Korea rejects Bitcoin mainly due to its price instability. The central bank has expressed some very serious concerns about liquidation challenges that could occur during market turbulence and volatility in the cryptocurrency space. The Bank of Korea stated: If the virtual asset market becomes unstable, there is concern that transaction costs may increase rapidly in the process of cashing out bitcoin. Th...