Japan expresses doubts about using Bitcoin as a reserve
Date: 2024-12-26 Author: Oliver Abernathy Categories: IN WORLD
Satoshi Hamada, a member of the House of Councillors from the People's Defense Party of NHK, sent a request to the Cabinet on December 11, proposing to consider the possibility of storing Bitcoin in the country's reserve assets. Hamada noted that Japan could follow the example of the United States and transfer part of its foreign exchange reserves to crypto assets.
The official response of the government, presented on behalf of Prime Minister Shieru Ishiba, says that there is no information about possible steps by the United States in this direction, since the issue is under discussion.
Japanese authorities recalled that the country's current regulatory framework assumes the use of exclusively foreign currencies to form reserves. Crypto assets such as Bitcoin are not included in this category.
It was also emphasized that when managing special accounts, priority is given to the stability and liquidity of assets. Government officials have said that Bitcoin's high volatility makes it incompatible with the existing financial system.
By comparison, in the US, Federal Reserve Chairman Jerome Powell has previously expressed opposition to Donald Trump's initiative to create a national Bitcoin reserve, citing similar risks.
