According to Golden Finance, the Bank of South Korea has made it clear that it has "never considered including Bitcoin in foreign exchange reserves." In response to a written question by MP Cha Guigen (transliteration), a member of the Program and Finance Committee of South Korea, on the 16th, the Bank of South Korea said, "We believe that the issue of inclusion of Bitcoin in foreign exchange reserves needs to be cautious." This is the first time that the Bank of South Korea has made a position on the issue of Bitcoin reserves. The first reason why Korean banks are negative is the high volatility of Bitcoin prices. In response, the Bank of Korea pointed out: "If the virtual asset market becomes unstable, Bitcoin may face the risk of a sharp increase in transaction costs during the monetization process." In addition, the Bank of Korea also said: "We do not believe Bitcoin does not meet the International Monetary Fund (IMF) foreign exchange reserve calculation standards." For these reasons, the Bank of Korea replied: "As of now, we have never discussed or considered including Bitcoin in foreign exchange reserves." The Bank of Korea also added: "It is understood that some countries such as the Czech Republic and Brazil have been positive about this, but the European Central Bank (ECB), the Swiss National Bank and the Japanese government have all expressed opposition."