Japan Dismisses Bitcoin in Foreign Exchange Reserve

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by Giorgi Kostiuk

2 years ago

Japan's government has declared its lack of intention to include Bitcoin in its foreign exchange reserves following Senator Hamada Satoshi's inquiry.

Prime Minister's Response to Senator's Inquiry

On December 20th, Prime Minister Ishiba Shigeru responded to Senator Hamada Satoshi's question about including Bitcoin in national reserves. The government admitted to lacking detailed information on how other nations may use Bitcoin for national reserves, as discussions are still in the early stages.

Discussion on Introducing Cryptocurrencies in Reserves

On December 11th, Senator Hamada proposed that Japan consider incorporating some of its foreign exchange reserves into Bitcoin similar to other nations. However, the government highlighted that crypto-assets do not conform to the current legal definition of foreign exchange. The aim of Japan's reserves is to stabilize foreign currency-denominated assets and bond markets.

Other Countries' Positions on Crypto Reserves

Japan prioritizes safety and liquidity, which does not align with Bitcoin's price volatility. As increasing consensus within and outside Japan supports potential inclusion of crypto-assets in national reserves, the U.S. sees Federal Reserve Chairman Jerome Powell saying the Fed cannot hold Bitcoin, yet some Republicans advocate for a strategic Bitcoin reserve.

Japan's government continues to prioritize the safety and liquidity of its reserves, favoring asset stability over the volatility of crypto markets.

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