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The Japanese government formally responds to the proposal to establish a Bitcoin reserve: It is still in the discussion stage

The Japanese government formally responds to the proposal to establish a Bitcoin reserve: It is still in the discussion stage

Bitget2024/12/26 03:46

The Japanese government recently formally responded to a proposal by Senator Satoshi Hamada regarding "the trend of countries such as the United States promoting Bitcoin as a reserve asset". In the response, the Japanese government stated that it has not yet fully grasped the relevant trends in countries like the United States, and mentioned that discussions about introducing Bitcoin as a reserve asset are still ongoing. As for specific situations, it is difficult for the Japanese government to comment.

In addition, based on the legal framework of special account operations, the Japanese government pointed out that "cryptocurrency assets do not belong to categories such as foreign exchange", and explained that current foreign exchange reserves mainly aim at stabilizing priced assets and foreign currency bond markets. The response repeatedly emphasized prioritizing security and liquidity of foreign exchange reserves in special account operations. It can be seen from this that due to high price volatility including Bitcoin among other cryptocurrencies does not match with existing systems. The document once again shows that against an international backdrop where discussions about incorporating cryptocurrency into national reserve strategies continue to advance, Japan's government maintains a cautious stance.

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