Japanese Government Expresses Cautious Stance on Bitcoin Reserves

On December 20, the Japanese government provided an official response to Senator Hamada Satoshi's question about "the trend of the US and other countries in promoting the adoption of Bit as a foreign exchange reserve." The response, issued under the name of Prime Minister Ishiba Shigeru, clarified the Japanese government's position on the possibility of owning crypto assets as part of the country's foreign exchange reserves. Senator Hamada Satoshi, a member of the Japanese Diet, on December 11 expressed the opinion that "Japan should also consider following the steps of the US and other countries, converting a portion of its foreign exchange reserves into Bit and other crypto assets," and requested the government to provide its stance on this issue. In the response, the government stated that it currently lacks sufficient information about the actions of the US and other countries, and that discussions about incorporating Bit into the foreign exchange reserves of countries are still in the preliminary stage. Therefore, the government concluded that "it is difficult to provide an official position on this issue at the present time." Additionally, the government explained that under the legal framework related to the management of special accounts, "crypto assets do not belong to the category of foreign currencies," and currently, Japan's foreign exchange reserves are primarily aimed at stabilizing foreign currency assets and the foreign bond market. The response also emphasized that the management of special accounts prioritizes ensuring the safety and liquidation of foreign exchange reserves. Therefore, it can be inferred that the government considers the price volatility of Bit and other crypto assets to be incompatible with the current system. The official response from Prime Minister Ishiba once again affirms that in the context of ongoing discussions, both domestically and internationally, about incorporating crypto assets into the national reserve strategy, the Japanese government is maintaining a cautious stance. In the US, Federal Reserve Chairman Jerome Powell recently stated that "the FRB cannot own Bit." However, at the same time, President-elect Donald Trump and Republican senators are working to promote the establishment of a strategic Bit reserve. Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions. Join Telegram: https://t.me/tapchibitcoinvn Twitter (X): https://twitter.com/tapchibtc_io Tiktok: https://www.tiktok.com/@tapchibitcoin Itadori