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According to recent information, report By Japanese Cryptocurrency Publications coin postJapanese Prime Minister Shigeru Ishiba has taken a cautious stance on the proposal to create a national Bitcoin (BTC) reserve.
Mr. Ishiba hesitates over Bitcoin preparation plan
While some policymakers in Japan have advocated following countries such as the United States in exploring crypto reserves, Ishiba believes there is not enough information to make an informed decision. However, they are showing disapproval of the situation.
The idea of ​​a national Bitcoin reserve in Japan gained momentum with the following statement from House of Councilors member Satoshi Hamada of the Party to Protect the People from NHK: floated Proposals from recent parliamentary deliberations.
Hamada argued that Japan should also consider diversifying its foreign currency reserves to include crypto assets like Bitcoin, in line with what is reportedly being discussed in the United States. Mr. Hamada said:
I think Japan should follow the example of the United States and consider converting some of its foreign exchange reserves into crypto assets such as Bitcoin.
In response, Japan’s prime minister said the government lacks sufficient information about the strategic Bitcoin reserve plans of the United States and other countries. As a result, Japan is still unable to commit to the creation of a BTC reserve.
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Ishiba reportedly said that he did not fully understand the “moves” taken by the United States regarding the creation of a Bitcoin reserve fund. “It is difficult for the government to express its views,” he concluded.
Furthermore, regarding the idea of ​​exchanging a portion of foreign exchange reserves into digital assets such as BTC, Ishiba cleared the air by stating that cryptocurrencies do not fall under the category of foreign exchange.
Strategic reserves could drive Bitcoin price higher
Earlier this month, Federal Reserve Chairman Jerome Powell reiterated that the Fed itself cannot hold Bitcoin. However, there are reports that the next administration, led by Republican President-elect Donald Trump, may move forward with plans to create a Bitcoin reserve fund.
The Bitcoin Act of 2024, introduced by pro-cryptocurrency US senator Cynthia Lummis, would allow the US Treasury and Federal Reserve to acquire 200,000 BTC per year over five years, eventually accumulating 1 million BTC. I am proposing to do so. Such a move could have a major impact on the cryptocurrency market, as it could reduce the circulating supply of Bitcoin and push up its price.
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The price of Bitcoin could rise further if other countries around the world create their own BTC reserves, culminating in an informal international competition between nations. accumulate As much BTC as possible. The world has already seen the nation trying Add BTC to Treasury reserves.
Anthony Scaramucci, founder and managing partner of SkyBridge Capital, recently said: said If the United States moves forward with its plan to create a strategic Bitcoin reserve, there is no reason why China would not create its own Bitcoin reserve. At the time of writing, BTC is trading at $95,503, down 3.3% in the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com
