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JUST IN: 🇺🇸 Ohio State Rep Steve Demetriou said "I’m working hard in Columbus to establish a Bitcoin Reserve."

South Korea’s central bank is taking a hard pass on Bitcoin. The Bank of Korea (BOK) says it has no intention of including Bitcoin in its foreign exchange reserves, citing volatility and potentially high transaction costs. The central bank’s stance came in response to an inquiry from Rep. Cha Gyu-geun, a National Assembly Planning and Finance Committee member, regarding the possibility of adding Bitcoin to the country’s foreign exchange assets. In a statement released on March 16, the Bank of Korea explained that Bitcoin’s price fluctuations pose challenges. Specifically, the bank pointed out that Bitcoin’s value could drop during market instability, leading to an increase in transaction costs when attempting to liquidate the cryptocurrency. This cautious stance on Bitcoin reserves comes as South Korea moves to loosen its overall regulatory approach to cryptocurrency. The country’s financial regulatory body is moving forward with plans to lift its ban on institutional cryptocurrency trading. Related: Czech Central Bank Evaluates Bitcoin as a Reserve Asset, No Immediate Plans The Bank of Korea’s position aligns with the International Monetary Fund’s (IMF) guidelines on foreign exchange reserves. According to the IMF, a reserve asset must meet specific criteria, including liquidity, marketability, and an investment grade or higher credit rating. The BOK argues that Bitcoin fails to meet these standards due to its lack of liquidity during times of volatility and its high-risk nature in uncertain markets. As such, the BOK deems Bitcoin unsuitable for inclusion in South Korea’s foreign exchange reserves. While some countries, like the Czech Republic and Brazil, have shown a more positive outlook on Bitcoin as part of their reserves, many other central banks remain cautious. The European Central Bank (ECB), Switzerland’s central bank, and the Japanese government have all expressed concerns similar to those of South Korea, citing the volatility and risk associated with Bitcoin. Related: Donald Trump Makes It Official: Strategic Bitcoin Reserve, Altcoin Stockpile Is Law In contrast to South Korea’s position, the U.S. has so far gone on to even implement an executive order in early March to initiate a Strategic Bitcoin Reserve, which permits the US Federal Reserve to hold Bitcoin as a strategic reserve that it has in possession from criminal and civil seizure operations. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

As of March 12, the U.S. government controls 195,234 Bitcoin, valued at more than $16 billion, according to a new Nansen report. The government’s crypto portfolio also includes $4.6 million worth of Ethereum ( ETH ), stablecoins such as USDC, and yield-bearing assets DAI and AUSDC_V2. A newly proposed bill, introduced by Rep. Nick Begich, could dramatically increase the government’s holdings. The House Strategic Bitcoin Bill aims to acquire 1 million BTC, implying roughly 5% of Bitcoin’s total supply, over the next five years. If passed, the dollar value of the purchases at today’s market price would be just shy of $110 billion. If the bill passes, the U.S. government’s Bitcoin holdings would surpass the estimated 1.1 million BTC attributed to Bitcoin’s mysterious creator, Satoshi Nakamoto. This would give the government significant influence over market liquidity and price stability, potentially driving up Bitcoin’s value and reshaping market dynamics. However, this level of ownership raises concerns about the centralization of a traditionally decentralized asset. Large-scale acquisitions could make the government a price setter in the Bitcoin market which some argue stands against the original ethos of cryptocurrency.

JUST IN: 🇺🇸 South Dakota State Rep Logan Manhart posts picture of himself with laser eyes 👀

House introduces companion bill to Lummis’ Bitcoin $BTC Act Fox Business reporter Eleanor Terrett reported on X that Rep. Nick Begich is introducing a House companion bill to Sen. Cynthia Lummis’ Bitcoin Act, with six Republican cosponsors. Lummis is also reintroducing her Senate version alongside Sen. Jim Justice. It remains to be seen if any Democratic lawmakers will support the bills.