While US President Donald Trump’s historic approach to Bitcoin (BTC) and cryptocurrencies has stirred other countries, the main opposition party in South Korea, the Democratic Party of Korea (DPK), announced that they will discuss adding Bitcoin to their foreign exchange reserves. According to local news agency Maeil Business Newspaper (MK), the Democratic Party’s Governance Plan Center will hold a seminar titled ‘Trump 2.0 Crypto Finance Era, South Korea’s Response Strategy’ to discuss Korea’s crypto policy in response to the Donald Trump administration.
It was stated that the seminar will discuss the potential inclusion of Bitcoin in foreign exchange reserves managed by the Bank of Korea and the Ministry of Economy and Finance. The seminar will also discuss ways financial institutions can use Bitcoin as an ETF, bond collateral asset, and foreign exchange transaction tool. Additionally, the development of Korean stablecoins and methods for raising institutional capital using Real World Asset tokens will be discussed.
South Korea’s Financial Services Commission (FSC) has previously denied creating a national Bitcoin reserve. FSC Chairman Kim Byung-hwan said that South Korea is not keen on the idea of a Bitcoin reserve. The FSC chairman also said that South Korea will wait to see how other countries and the market react to Trump’s BTC reserve plan before taking action on Bitcoin.
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