📣 No Bitcoin Reserves for Japan: Here’s What the PM Said
posted 16 hr ago
As discussions about national Bitcoin reserves gain traction worldwide, the Japanese government has officially addressed a proposal from Satoshi Hamada, a member of the House of Councillors. Hamada had suggested exploring the inclusion of crypto assets, such as Bitcoin, in Japan’s financial reserves. The government’s response came on behalf of Prime Minister Shigeru Ishiba.
I think Japan should follow the example of the United States and consider turning some of its foreign exchange reserves into crypto assets such as Bitcoin,Hamada stated in the past.
The government clarified in its response that it currently has no plans to add cryptocurrencies, even highly capitalized ones, to its foreign reserves. The reasoning included the legal classification of digital assets, which are not recognized as foreign currency, and their extreme volatility, which poses significant risks. Additionally, the idea is still in the discussion phase in other developed countries.
Cryptocurrencies, at this point, do not meet the legal or economic stability standards required for reserve assets. However, the Japanese government stressed its intention to continue monitoring global developments and the evolution of the cryptocurrency market with caution.
A similar stance has been echoed by U.S. Federal Reserve Chairman Jerome Powell, who has dismissed the possibility of including Bitcoin in national reserves. However, President-elect Donald Trump, a long-time advocate of the idea, is pushing for its adoption. Some business leaders anticipate major changes on this front under his administration.
More breaking news
More breaking news
Breaking news
✨ A Christmas Miracle: Crypto Community Stands with Mira
