[NEWS] Japanese government "not considering" introducing a Bitcoin reserve

On the 20th, the Japanese government released a written response to a question submitted by Senator Hamada Satoshi of the Party to Protect the People from NHK, entitled "A Question Concerning the Understanding of the Movement to Implement Bitcoin Reserves in the United States and Other Countries."

This response was made in the name of Prime Minister Ishiba Shigeru. In response to Senator Hamada's question on "the movement to introduce Bitcoin reserves in the United States and other countries," the government responded, "We are in the middle of discussions in other countries, and we are not aware of the details, so it is difficult for the government to express its opinion."

In response to Senator Hamada's proposal that "Japan should also introduce crypto assets such as Bitcoin as part of its foreign currency reserves," the government stated that "crypto assets do not fall under foreign exchange," and emphasized that the Foreign Exchange Fund Special Account pays attention to stability and liquidity, and manages them in government bonds and other assets with a high degree of certainty of redemption. In conclusion, it explained that "we are not considering considering holding crypto assets."

Prime Minister Ishiba also showed a cautious stance in response to questions from House of Representatives member Satoshi Asano of the Democratic Party for the People this month regarding the revision of the cryptocurrency tax system and the realization of a cryptocurrency ETF. This response once again demonstrated the Japanese government's cautious stance toward cryptocurrencies.

This response indicates that the Japanese government is unlikely to introduce a Bitcoin reserve at this time, but other countries are accelerating their efforts.

In the United States, where the question was submitted, the movement is likely to gain momentum with the inauguration of President Trump. Senator Cynthia Lummis, also a Republican, is already preparing a bill for a Bitcoin reserve.

The proposal is for the US government to continuously purchase Bitcoin in order to hold a total of 1 million BTC. On the other hand, since Trump has not made clear his intentions on holding up to 1 million BTC, it is unclear how large a Bitcoin reserve will be introduced.

In addition, after President Putin made positive remarks about Bitcoin in Russia, Representative Anton Tkachev proposed the establishment of a Bitcoin reserve. Similar movements are also seen in the EU, and a bill has already been submitted to establish a Bitcoin reserve in Brazil.

Reference: Response
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