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A Japanese lawmaker has urged the government to establish a national Bitcoin reserve, aligning with similar initiatives recently proposed by members of parliament in Argentina, Russia, and other nations.
According to reports from CoinPost and official records from the House of Councillors, the proposal was put forward by Satoshi Hamada, a member of parliament representing the Party to Protect the People from NHK.
A National Bitcoin Reserve for Japan?
Hamada submitted a written inquiry to the government “regarding the creation of a reserve fund for cryptoassets.”
In his inquiry, the lawmaker highlighted that moves are underway in “Brazil and the United States,” where Treasury officials may soon begin holding Bitcoin (BTC) as a “strategic reserve asset.”
Hamada further asked the Japanese government to “consider converting part of its foreign exchange reserves into virtual currencies such as Bitcoin.”
He noted that the incoming Donald Trump administration is set to appoint a crypto “czar” and pointed out that “similar movements are also underway in Brazil.”
The lawmaker suggested that BTC could soon be recognized as a “national strategic asset.”
He submitted his request 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.”
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Decentralized Solution
Hamada’s question also emphasized that BTC is “less susceptible to the influence of specific countries or institutions.”
He argued that its “neutrality and decentralized nature” allows Bitcoin to support economic activity “without relying on any specific currency.”
The government is scheduled to provide Hamada with a written response in the coming weeks, which will likely be published on its official website.
A new risk for the yen is emerging, with currency strategists in Tokyo warning that there’s a chance the Bank of Japan may stand pat on interest rates until March or later https://t.co/tUNZ6lFvSM
— Bloomberg Markets (@markets) December 12, 2024
Lawmakers Share Sentiment?
Hamada represents a political party that holds only two seats in parliament. However, there is a high probability that other MPs share his perspective.
Japan’s relatively restrictive regulatory environment has led to a shrinking crypto market. Nevertheless, many top lawmakers aim to transform the nation into a global blockchain hub.
They have urged Tokyo to reform crypto tax laws and prevent promising crypto startups from relocating overseas.
Meanwhile, the business sector is becoming increasingly interested in Bitcoin, with some Japanese firms adding BTC and altcoins to their balance sheets.
Many regulatory bodies appear ready to implement necessary reforms. However, the nation’s new Prime Minister has expressed a more cautious stance on crypto regulation reform.
