- The Japanese government stated it has no plans to consider Bitcoin reserves.
- A Japanese lawmaker, Satoshi Hamada’s efforts to create a reserve fund for Bitcoin went in vain.
Amidst raising institutional adoption of Bitcoin and global countries considering it for creating a reserve fund, Bitcoin is struggling to regain its previous highs. After falling to the lows of $92,000 price range, Bitcoin is slowly recovering and is trading in the $98k range today.
Considering the limited supply and potential to act as a hedge against inflation, global countries are exploring ways to include Bitcoin in their strategic reserves. However, the Japanese government recently declared its stance on crypto assets, stating they have no plans to consider Bitcoin reserves.
As per the Coinpose media outlet, The government issued an official response to Japanese lawmaker Satoshi Hamada’s question regarding the creation of a Bitcoin reserve.
Japanese Lawmaker Proposed to Create National Bitcoin Reserve
Earlier this month, Satoshi Hamada submitted a request to the Japanese government in a document titled, “Question regarding the status of understanding the movement to introduce a national Bitcoin reserve in the United States and other countries.” His major motive was to propose the government consider converting a part of its foreign exchange reserve into Bitcoin.
Hamada also gave examples of the global countries such as the US and Brazil planning to create a strategic reserve asset. He further emphasized that Bitcoin is decentralized in nature and it is less susceptible to the influence of countries and institutions.
However, the Japanese government released an official written statement under Prime Minister Ishiba Shigeru, stating they do not consider the Bitcoin reserve fund. The response further mentioned that crypto assets do not fall under foreign exchange category.
Prime Minister Ishiba Shigeru reiterated that they must prioritize safety and liquidity of foreign exchange reserves and volatility of crypto assets is inconsistent with the current system.
The Japanese government has always taken a cautious approach towards digital assets. On the other hand, Metaplanet, aka Japan’s Microstrategy, recently announced a $62M worth of Bitcoin acquisition strategy. Metaplanet also brought Bitcoin magazine to the country to promote Bitcoin adoption.
However, the cautious stance of the Japanese government towards digital assets might take the country a few steps backwards compared to the global countries exploring digital assets. Moreover, Japan’s overly cautious approach even stalled crypto ETF progress in the country.
Despite coming a long way from valued at almost nothing to growing into a trillion dollar industry, cryptocurrencies are yet to go a long way for global countries to regulate and adopt digital currencies.
Highlighted Crypto News Today:
Will Bitcoin Price Reclaim its $100K Mark Before 2024 Ends?
