Japan Says It Is Not Ready to Create a National Bitcoin Reserve

The Japanese government is hesitant to adopt Bitcoin as a reserve currency, with House of Councillors member Satoshi Hamada suggesting they follow the US’s lead.

However, Prime Minister Shigeru Ishiba clarified that the government does not have detailed knowledge of the US’s potential decision.

Currently, the Japanese government is not prepared to definitively state whether they would consider adopting Bitcoin as a reserve currency, as their main focus is ensuring the safety and liquidity of their foreign exchange reserves.

Despite Bitcoin’s growing institutional adoption, it remains a highly volatile asset. The proposed bill by Senator Cynthia Lummis of Wyoming for the US government to create a Bitcoin reserve has sparked interest in the idea, but the Japanese government remains hesitant.