The Japanese government has officially responded to Senator Hamada, stating that it has no intention of adopting Bitcoin as part of its foreign exchange reserves due to a lack of understanding and concerns about volatility.
As a Japanese media outlet reported, on December 20, the Japanese government released its official response to several questions from Senator Satoshi Hamada regarding the introduction of Bitcoin (BTC) as part of Japan’s foreign exchange reserves. Under the name of Prime Minister Ishiba Shigeru, the statement said that Japan has no current intention to consider cryptocurrency reserves.
Senator Hamada, a member of the NHK Party for the Protection of the People, suggested Japan follow the example of the United States and other countries in exploring BTC reserves. The government responded that it did not have sufficient knowledge of global movements in this regard, saying that discussions about adopting cryptocurrencies as reserves were at a very early stage. That is, the government has stated that it is “difficult to express an opinion on this matter” at this time.
The response also mentioned that cryptocurrencies like BTC do not fall under the category of foreign exchange assets under the Japanese legal system for managing special accounts. Furthermore, under Japanese law, a “crypto asset” is not considered a “security” under the Financial Instruments and Exchange Act.
The Payment Services Act sets out the definition of “crypto assets” and requires any provider of crypto asset exchange services (CAES) to register with the…
