Japan Considers Bitcoin Reserves, But Waits for Clarity from the US

With Trump soon to take office, rumors have been circulating that the United States might introduce Bitcoin (BTC) as a national reserve. However, these speculations were debunked by Federal Reserve (Fed) Chairman Jerome Powell, which immediately led to a plunge in the crypto market.

Although such a move does not seem likely for a while, this possibility has not gone unnoticed in Japan. The Japanese government has already discussed the option of including Bitcoin as a reserve asset, but for now the Asian country remains cautious about introducing strategic BTC reserves.

Initiatives in Japan

During a recent debate, House of Councilors member Satoshi Hamada suggested that Japan should convert some of its foreign currency reserves into Bitcoin. According to him, the country can take an example from the US, where discussions about the adoption of the digital currency are becoming increasingly serious.

However, Prime Minister Shigeru Ishiba indicated that it is difficult for the government to take a position because there is insufficient information available about the plans of countries such as the United States and Brazil. In Brazil, a bill was recently introduced to create a national BTC reserve called RESBit. Ishiba emphasized that crypto assets do not fall under the category of foreign reserves. “It is difficult for the government to determine its position without sufficient insight into developments in other countries,” the prime minister said.

Ripple-CEO over Japan

Japan seems to be choosing the cautious route for the time being. Yet there are signs that the country can play a role in the growth of digital currencies. For example, Ripple CEO Brad Garlinghouse predicted a strong demand for a stablecoin based on the Japanese yen a few months ago. He also indicated that Japan, despite its conservative stance, excels in providing clear regulations. This makes the country attractive for international companies that want to invest in the development of crypto.

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