Key Takeaways:
- Japan’s Prime Minister, Shigeru Ishiba, stated the government lacks sufficient information to consider adopting Bitcoin as a national reserve asset.
- Lawmakers like Satoshi Hamada are pushing for discussions, citing U.S. momentum on Bitcoin reserve strategies, but crypto does not yet fit Japan’s foreign exchange framework.
- Globally, countries like Brazil are exploring Bitcoin reserves, while Japan maintains a cautious stance despite its leadership in crypto regulation.
Japan’s Prime Minister Shigeru Ishiba has avoided taking a stance on adopting Bitcoin as part of the country’s foreign exchange reserves, citing insufficient information about similar moves in other nations like the U.S.
His comments, reported by CoinPost on December 26, came in response to Satoshi Hamada, a House of Councilors member, who suggested Japan consider Bitcoin reserves.
The Japanese federal government recently stated this position while responding to a query from Satoshi Hamada, a member of Japan’s House of Councilors. In a recent letter, Senator Hamada quizzed Japan’s federal government about the United States’ plan to establish a strategic…
— TheCryptoBasic (@thecryptobasic) December 26, 2024
Ishiba noted that Bitcoin does not fall under Japan’s current foreign exchange framework, complicating the matter.
Globally, interest in Bitcoin as a reserve asset is rising.
In Brazil, Congressman Eros Biondini recently proposed a bill to establish a Sovereign Strategic Bitcoin Reserve (RESBit).
Speculation also surrounds potential U.S. actions to designate Bitcoin as a reserve asset.
Hamada highlighted these trends, urging Japan to evaluate similar steps.
Japan’s cautious approach contrasts with its leadership in cryptocurrency regulation.
Ripple CEO Brad Garlinghouse recently praised Japan’s clear guidelines for stablecoins and crypto assets, predicting high demand for a Japanese yen-backed stablecoin.
However, the government remains hesitant on Bitcoin reserves, opting to monitor global trends before making decisions.
This reflects Japan’s strategy of balancing caution with its progressive role in the crypto space.
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