Japan rejects adoption of Bitcoin reserves amid concerns

The Japanese government has made its stance on bitcoin clear, officially responding to a proposal from Senator Satoshi Hamada. The statement, released on December 20 under the name of Prime Minister Ishiba Shigeru, stated that Japan has no plans to include bitcoin or any other cryptocurrency as part of its foreign exchange reserves. Concerns about volatility and a limited understanding of global trends surrounding cryptocurrency reserves were cited as primary reasons for this decision.

Japan's legal framework on cryptocurrencies

Senator Hamada, member of the Party to Protect the People of NHK, had urged Japan to consider following the example of countries like the United States in exploring bitcoin reserves. However, the government clarified that discussions on the issue are still in their infancy, making it difficult to express a definitive position. He emphasized that Japan's knowledge of international developments in this area is insufficient for informed decision-making.

Japan's legal framework also plays a critical role in this stance. According to the country's rules for managing special accounts, cryptocurrencies such as bitcoin are not classified as currency assets. Furthermore, under the Law on financial instruments and exchangeCryptocurrencies are not considered securities. Instead, Japan's Payment Services Law provides the legal definition of “cryptoassets.” The law requires that any cryptocurrency exchange service provider must register with the Financial Services Agency. Operating without proper registration is subject to criminal penalties, as noted by Anderson Mori & Tomotsune, a prominent Japanese law firm.

Japan Prioritizes Stability and Caution in crypto Reserve Decisions

The government has highlighted the main purpose of foreign exchange reserves: to ensure the stability of asset and bond markets denominated in foreign currencies. He noted that the inherent volatility of cryptoassets undermines their suitability for this purpose, and that security and liquidity remain top priorities in reserve management.

In addition to this official position, the industry outlook provides further insight into Japan's cautious approach to cryptocurrencies. Akihiko Ogino, CEO of a major Japanese investment bank, has suggested that Japan should consider launching cryptocurrency exchange-traded funds (ETFs). Despite this suggestion, Daiwa Securities, which manages the Nikkei 225 ETF, has yet to announce any plans for a cryptocurrency-backed ETF. Japan's current regulatory and economic outlook on crypto assets could delay the introduction of such financial products.

In short, Japan's government has decided not to adopt bitcoin as part of its foreign exchange reserves, citing regulatory classifications, concerns about volatility, and a focus on the stability of its financial systems. While individual voices in the financial sector advocate for broader crypto integration, the government's position reflects a preference for caution and measured deliberation over hasty adoption.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”7.6756756756757″>

Japan will not follow the United States in establishing a strategic bitcoin reserve, says cryptocurrencies are not currencies. pic.twitter.com/s2soNqu4bE

– TheCryptoBasic (@thecryptobasic) <a target="_blank" href="https://twitter.com/thecryptobasic/status/1872225631196643445?ref_src=twsrc%5Etfw”>December 26, 2024

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