Japan Rejects Bitcoin as a Foreign Reserve Asset, Citing Volatility
Japan’s Prime Minister Shigeru Ishiba has expressed doubts about adding Bitcoin to the country’s foreign exchange reserves, following a proposal from Satoshi Hamada to establish a national Bitcoin reserve inspired by the United States.
The government is concerned that incorporating Bitcoin could destabilize its financial system, leading to its previous rejection of Bitcoin-based ETFs due to the associated risks related to crypto products.
Japan has officially rejected Bitcoin as a reserve asset. The decision, made by Japan’s prime minister Shigeru Ishiba, highlights the ongoing debate surrounding the legitimacy and stability of cryptocurrencies in traditional financial systems. As we reported earlier, Satoshi Hamada, a Japanese lawmaker, made a proposal requesting the government to establish a national Bitcoin reserve. He also highlighted similar development projects in nations like Brazil and the United States, indicating a worldwide change in opinions and use of cryptocurrency.