The Japanese government rejected the proposal to create a national bitcoin reserve, responding to the request of Senator Satoshi Hamada. Prime Minister Shigeru Ishiba stated that it is difficult for the government to express its perspectives on the creation of a strategic bitcoin reserve, due to the lack of detailed understanding of the topic. This response arose after Hamada's request in mid-December, in which he asked the government to evaluate the possibility of establishing a BTC reserve for the Asian country, as reported by BitcoinDynamic. The Japanese government indicated that does not have a clear understanding of the United States' movements and other countries in this phase. They noted that they are still in the process of discussing how other nations are handling the introduction of bitcoin reserves, leading them to conclude that it is “difficult for the government to express its views” on this specific matter. Prime Minister Ishiba also clarified that under the current legal framework, bitcoin and other crypto assets are not considered currencies. He highlighted that the existing reserves aim to stabilize asset markets and bonuses denominated in foreign currency. Furthermore, he reiterated that the security and liquidity of currency reserves are the top priority in managing the special account, hinting that the inherent volatility of cryptocurrencies, including bitcoindoes not align with the current reservation system.
Prime Minister Shigeru Ishiba responded to the request made by Senator Satoshi Hamada. Source: Britannica. Ishiba's official response reflects a cautious stance by the Japanese government towards both domestic and international discussions on the integration of crypto assets into national reserve strategies.
This caution comes despite the global trend toward bitcoin reserves. The United States appears to be moving toward creating its own BTC reserve under Donald Trump. Trump promised in July to establish this reserve and it is speculated that he could use an Executive Order for its immediate implementation, with a draft of this order already in place, as reported by BitcoinDynamic. In addition to the plan at the federal level, there is growing interest in US states, with four states so far considering forming their own bitcoin treasuries, including Florida, Pennsylvania, Texas and Alabama. The debate over bitcoin reserves continues to grow and more news and developments on this topic are expected in 2025, which could influence the policies of other countries, including Japan, to reevaluate its stance on BTC as reserve assets.