Japan’s Prime Minister Stalls on Bitcoin Reserve Plans

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Crypto or Caution? Japan’s Prime Minister Stalls on Bitcoin Reserve Plans

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 27, 2024

Key Takeaways

Japan’s PM says the government lacks information to consider adding Bitcoin to the nation’s reserves;
Cryptocurrencies, including Bitcoin, are not classified as foreign exchange assets under Japan’s current regulations;
Japan is watching how other countries approach Bitcoin reserves before making its own decision.

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Crypto or Caution? Japan’s Prime Minister Stalls on Bitcoin Reserve Plans

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Japan’s Prime Minister Shigeru Ishiba recently stated that the government does not yet have enough information to decide whether Bitcoin BTC $89,523.42 should be included in the nation’s reserves.

“It is difficult for the government to express its views”, Ishiba said when questioned by Satoshi Hamada, a member of the House of Councilors from the Party to Protect the People from Nippon Hoso Kyokai (NHK).

Accoding to a report on December 26, Ishiba explained that Japan lacks a clear understanding of how other countries are approaching the idea of Bitcoin as part of their strategic reserves.

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Hamada suggested that Japan consider converting part of its foreign exchange reserves into Bitcoin, following examples set by other countries, like the United States.

Ishiba, however, pointed out that cryptocurrencies, including Bitcoin, are not currently classified as foreign exchange assets under Japan’s regulations.

While Japan takes a cautious approach, other nations are exploring ways to include Bitcoin in their reserves.

For instance, a member of the European Parliament, Sarah Knafo, is pushing back against the European Central Bank's (ECB) digital euro plans while urging the European Union (EU) to adopt a Bitcoin reserve. Why did Knafo champion Bitcoin? Read the full story.