Shihopao does not express his views on BTC national reserves: the Japanese government is conservative, and the proposal of the legislator is treated coldly.

Japanese Prime Minister Shizuka Iwao responded on 12/26 to the issue of including Bitcoin in the national reserves, stating that the understanding of relevant trends in other countries is currently limited, so it is “difficult to make a statement”.

Satoshi Hamada suggests emulating the United States, to which Shigeru Shiba responds that it is difficult to express an opinion due to insufficient information

According to local media reports, Japanese senator Satoshi Hamada raised questions in parliament on 12/11, suggesting that Japan should follow the footsteps of the United States and convert some of its foreign exchange reserves into cryptocurrencies such as Bitcoin. Hamada believes that cryptocurrencies have the potential for long-term value growth and can serve as a tool to combat traditional currency inflation. Hamada stated, ‘Japan should follow the United States and convert a portion of its foreign exchange reserves into cryptocurrencies such as Bitcoin.’

Japanese Prime Minister Shigeru Ishiba responded formally to the previous question from Satoshi Hamada on 12/26, stating that Japan currently has limited understanding of the specific progress of the United States and other countries in strategic reserves of Bitcoin, and admitted that the “government finds it difficult to express a position on this”.

Shih Po-mao added that according to current Japanese laws, cryptocurrency assets such as Bitcoin are not recognized as foreign exchange assets, and Japan’s foreign exchange policy prioritizes “stability” and “security,” indicating that the Japanese government’s attitude towards the inclusion of Bitcoin in national reserves is relatively conservative.

The United States has policy differences, while Brazil is actively promoting

Compared with Japan’s conservative attitude, the discussion within the United States about Bitcoin as a national reserve is quite heated. Federal Reserve (FED) Chairman Powell clearly stated at a press conference on 12/19 that the FED cannot hold Bitcoin because cryptocurrencies do not comply with the Federal Reserve Act.

However, after Trump was elected, there were rumors that he might sign an executive order on his first day in office to promote Bitcoin as a strategic reserve asset for the United States. At the same time, several Republican lawmakers are also supporting related policies.

Brazil, influenced by the topic of ‘Bitcoin Reserve’ in the United States, is actively promoting Bitcoin reserve as part of its economic strategy. The authorities proposed the RESBit Bitcoin Reserve Act on 11/28, with the highest proportion of Bitcoin reserves reaching 5% of the national reserve total (about 16.6 billion US dollars), and will purchase Bitcoin in phases.

(Brazil also crazy Bitcoin reserve: Proposal reserves $16.6 billion as collateral for central bank digital currency Drex)

Japan’s cryptocurrency regulatory framework is clear, helping the healthy development of the market

Regarding Japan’s application of cryptocurrencies, Ripple CEO Brad Garlinghouse stated in an interview in September that he expects the yen stablecoin to be favored by the market, it’s just a matter of time. Garlinghouse emphasized that although Japan is relatively conservative in certain aspects, its regulatory framework for stablecoins and cryptocurrencies is relatively clear compared to other countries, and the market is expected to develop healthily.

This article Shih Po-mao did not express his opinion on the national reserve of Bitcoin: the Japanese government is conservative, and the proposal of the members of parliament is coldly treated first appeared in Chain News ABMedia.