Japan Uninterested In Bitcoin
The Prime Minister of Japan stated that his government does not have enough information about the plans for a Bitcoin strategic reserve in other countries to decide whether Japan should establish one.
Prime Minister Shigeru Ishiba stated that he does not fully comprehend the “movements” that nations such as the US and others are making to embrace Bitcoin. “The government has a hard time expressing its opinions,” Ishiba stated.
The response followed a query about Japan’s “movement of introducing Bitcoin reserves that the United States and other countries are proceeding with” from Satoshi Hamada, a member of the House of Councilors from the Party to Protect the People from NHK.
“I believe Japan should take a cue from the United States and think about converting some of its foreign exchange reserves into cryptocurrency assets like Bitcoin,” Hamada stated
According to Prime Minister Ishiba Shigeru, the government admitted that while there is talk about Bitcoin reserves abroad, it is unclear what the concept of such reserves means. The government also made it clear that since they are still in their early phases.
The response added that Japan’s foreign exchange reserves are intended to keep foreign exchange markets stable and liquid. A cryptocurrency like Bitcoin is not regarded as a foreign exchange asset under current regulations.
The Japanese government also claimed that because stability and liquidity had to be guaranteed, digital currencies could not be included in Japan’s reserve holdings due to their volatility.
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