Japanese Government States 'No Plans to Adopt Bitcoin Reserves'

Ishiba Shigeru, Prime Minister of Japan/Photo: Japanese Government Website Capture

Recently, as the adoption of Bitcoin (BTC) reserves at the national level is gaining attention as an economic strategy, particularly in the United States, the Japanese government has taken a cautious stance.

On the 26th, the cryptocurrency-focused media outlet CoinPost reported that the Japanese government responded to a question submitted by Senator Hamda Satoshi regarding the 'movement towards adopting Bitcoin reserves being pursued by the United States and others' by stating, "At the current stage, we are not closely monitoring the movements of the United States and others," and "It is difficult for the government to express a view."

Prime Minister Ishiba Shigeru explained, "Based on the legal framework concerning special account operations, cryptocurrencies do not qualify as foreign exchange, and currently, foreign exchange reserves are aimed at stabilizing foreign construction assets or the foreign bond market." Previously, Senator Hamda Satoshi had urged the consideration of incorporating cryptocurrencies like Bitcoin into foreign exchange reserves.

Additionally, Prime Minister Ishiba stated, "In the operation of special accounts, to smoothly conduct necessary foreign exchange transactions to realize the stability of the Japanese currency's exchange rate, we operate with maximum consideration for safety and liquidity, using bonds such as government bonds with high liquidity and repayment certainty or deposits with foreign central banks," and "There are absolutely no plans to consider holding cryptocurrencies."

Response from Prime Minister Ishiba.