Japanese Lawmaker Asks Government to Create National Bitcoin Reserve

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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December 12, 2024

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A Japanese lawmaker has asked the government to launch a national Bitcoin reserve, echoing similar recent calls from MPs in Argentina, Russia, and beyond.

Per the media outlet CoinPost and the official House of Councillors record, the demand came from Satoshi Hamada, an MP from the Party to Protect the People from NHK.

A National Bitcoin Reserve for Japan?

Hamada submitted a written question to the government “regarding the creation of a reserve fund for cryptoassets.”

In the question, the lawmaker noted there moves are now afoot “in Brazil and the United States,” where Treasury officials could soon begin holding Bitcoin (BTC) as a “strategic reserve asset.”

Hamada went on to ask the Japanese government to “consider converting part of its foreign exchange reserves into virtual currencies such as Bitcoin.”

He added that the incoming Donald Trump administration will appoint a so-called crypto “czar” and explained that “similar movements are also underway in Brazil.”

The lawmaker mentioned that BTC could soon become a “national strategic asset.”

He submitted his request in a document entitled:

“Question regarding the status of understanding the movement to introduce a national Bitcoin reserve in the United States and other countries.”

Decentralized Solution

Hamada’s question also made note of the fact that BTC is “less susceptible to the influence of specific countries or institutions.”

And he said that its “neutrality and decentralized nature” allows Bitcoin to support economic activity” without “relying on any specific currency.”

The government is set to provide Hamada with a written response in the coming weeks, and will likely publish this on its official website.

Lawmakers Share Sentiment?

Hamada represents a political party that only has two seats in parliament. But there is a high probability that other MPs share Hamada’s views.

Japan’s relatively restrictive regulations have resulted in a shrinking crypto market. But many top lawmakers still want to turn the nation into a global blockchain hotspot.

They have urged Tokyo to reform crypto tax laws and prevent promising crypto startups from relocating overseas.

Meanwhile, the business sector is growing increasingly Bitcoin-keen, with some Japanese firms using their balance sheet to buy BTC and altcoins.

Many regulatory bodies appear ready to make the necessary reforms. But the nation’s new Prime Minister has expressed a more cautious view on crypto regulation reform.