Japanese MP Calls for National Bitcoin Reserve
Date: 2024-12-13 Author: Gabriel Deangelo Categories: IN WORLD
MP Satoshi Hamada, representing the NHK Citizens’ Defense Party, has written to the government to request the possibility of forming a reserve fund based on crypto assets. According to CoinPost and official minutes of the House of Councillors, the request highlighted the growing popularity of Bitcoin as a strategic asset.
Hamada noted that countries such as Brazil and the United States are already considering the idea of using Bitcoin as a strategic reserve asset. He suggested that the Japanese government consider transferring some of its foreign exchange reserves to virtual currencies, including Bitcoin.
The MP also mentioned that the Donald Trump administration is planning to appoint a “crypto coordinator,” and that Brazil has seen similar moves. He believes that Bitcoin could become a national strategic asset, which would help Japan strengthen its position in the global economic arena.
In a formal request titled “Question on the Movement to Establish a National Reserve in Bitcoin in the United States and Other Countries,” Hamada emphasized the importance of Bitcoin as a neutral and decentralized instrument that can support economic activity without being dependent on specific currencies or organizations.
Hamada noted that Bitcoin’s decentralized nature makes it less susceptible to the influence of individual nations or financial institutions. This, he said, could provide more sustainable support for Japan’s economic activity.
The government is expected to provide a written response to the lawmaker’s request in the coming weeks. The response is expected to be published on the official website.
While Hamada’s party only holds two seats in the Diet, there is a high probability that his position is shared by other lawmakers.
Despite Japan’s strict cryptocurrency laws that have caused the cryptocurrency market to shrink, many of the country’s leading politicians are seeking to turn Japan into a global hub for blockchain technology. They advocate for a reform of the cryptocurrency tax laws to prevent promising startups from leaving the country.
Meanwhile, Japanese businesses are starting to embrace cryptocurrencies. Some companies have already included Bitcoin and altcoins on their balance sheets.
However, Japan's new prime minister is taking a more cautious stance on crypto regulatory reforms, which could hinder the industry's further development.
