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Pressure continues to mount in Japan for the country to join others in creating a national Bitcoin Reserve. This is despite Prime Minister Ishiba calling for caution regarding the much-expected crypto reforms.
According to local newspaper CoinPost, Satoshi Hamada, a lawmaker from the Party to Protect the People from NHK, is asking the government to consider launching a national Bitcoin reserve seriously. MP Hamada submitted his request in writing, questioning the government’s position “regarding the creation of a reserve fund for crypto assets.”
Bitcoin is Less Susceptible to External Influence
The question of a national Bitcoin reserve has recently become a talking point across several nations globally. Hamada stated in his written communication that “in Brazil and the United States,” solid plans were for building Bitcoin strategic reserve assets. Citing U.S. President-elect Donald Trump’s decision to appoint a crypto “czar” to spearhead reforms, Hamada asked his government to “consider converting part of its foreign exchange reserves into virtual currencies such as Bitcoin.”
Stating that a national Bitcoin reserve would be “less susceptible to the influence of specific countries or institutions,” Hamada argues that the digital asset’s “neutrality and decentralized nature” will allow BTC to support economic activity independent of any specific currency.
The MP explained in his written question that there was a great chance that Bitcoin could soon become a “national strategic asset” in many countries, citing “the movement to introduce a national Bitcoin reserve in the United States and other countries.” The government is expected to file its response to the lawmaker’s question in the coming weeks.
Pressure Mounts in Russia and Other Countries
Apart from pressure mounting for the Japanese government to create a national Bitcoin reserve, the wave is growing across several countries globally. The latest appeals came from a member of Russia’s state, Duma, who suggested the government should build a national Bitcoin reserve, calling it a tool that could help the government ensure financial stability besides fighting against economic sanctions.
According to Anton Tkachev’s proposal to the Novye Lyudi party, the Russian government should leverage cryptocurrencies to fight restricted access to world financial systems.
The appeal for a national Bitcoin reserve in Russia comes only weeks after President Vladimir Putin expressed positive sentiments about Bitcoin, calling the digital an unstoppable technology. In a message to the country’s Finance Minister Anton Siluanov, Tkachev stated that creating a strategic Bitcoin reserve would be similar to building a foreign currency reserve.
Nonetheless, he expressed more confidence in Bitcoin, saying it came with unique advantages as it would be free from risks associated with inflation, currency volatility, and sanctions. Tkachev stated, “With limited access to international payment systems, cryptocurrencies represent one of the few viable options for global trade under current conditions.”
Establishing a National Bitcoin Reserve Requires Policy Changes
The Russian lawmaker highlighted Bitcoin’s rising value, stating that the digital asset recently crossed the six-figure mark by trading at $103,000. It shows it can become a reliable investment and store of value.
The proposal from Russian lawmakers aligns with the government’s broader initiative to integrate crypto into their international payment systems. The news of nations jostling to create a national Bitcoin reserve has gained steam following the election win of Donald Trump, who pledged to make America the crypto capital of the world.
Establishing a national Bitcoin reserve in Japan would require policy reforms in line with proposed crypto reforms in Japan, which the country’s Prime Minister, who appeared to be pro-crypto, shows a reluctance to follow. If implemented, Japan could take a significant position in adopting cryptocurrencies for its national financial strategy.
Conclusion
Analysts believe that the increasing proposals to build a national Bitcoin reserve for Japan highlight the growing role of cryptocurrencies in global finance. It may appear that governments are finally recognizing cryptocurrencies as an alternative to traditional cash reserve mechanisms, but they are still playing it carefully.
While Japanese lawmakers seem upbeat about the proposal to integrate crypto into the government’s balance sheet, the leadership may soon have to make the decision one way or the other, especially now when there are discussions surrounding the evolving role of Bitcoin in geopolitics and international trade.
