Japan's Prime Minister Shigeru Ishiba Hesitant On Bitcoin (BTC) Reserve Plans

While some policymakers in Japan are advocating for the country to follow the lead of nations like the United States in exploring cryptocurrency reserves, Ishiba has expressed reservations

Recent reports indicate that Japan’s Prime Minister Shigeru Ishiba has expressed caution regarding the proposal to establish a national Bitcoin (BTC) reserve.

Ishiba’s Hesitations On Bitcoin Reserve PlansCome Amidst Parliament Discussion

While some policymakers in Japan are pushing for the country to follow the lead of nations like the United States in exploring cryptocurrency reserves, Ishiba has shown reluctance, highlighting a lack of sufficient information to make an informed decision.

The idea of a national Bitcoin reserve in Japan gained traction after Satoshi Hamada, a member of the Japanese House of Councilors from the Party to Protect the People from NHK, brought up the proposal during recent parliamentary discussions.

Hamada argued that Japan should consider diversifying its foreign exchange reserves by including crypto assets like Bitcoin, as part of what is reportedly being discussed in the US. Hamada stated:

“I think Japan should follow the example of the United States and consider turning some of its foreign exchange reserves into crypto assets such as Bitcoin.”

In response, the Japanese Prime Minister mentioned that his government simply lacks enough information about the US and other countries’ plans for a strategic Bitcoin reserve. As a result, Japan cannot yet commit to creating a BTC reserve.

According to a recent report by Japanese cryptocurrency publication CoinPost, Ishiba’s hesitations come as members of Japan’s parliament discussed the possibility of the country following in the footsteps of the United States by establishing a Bitcoin reserve.

As part of the discussion, Hamada brought up the potential for Japan to diversify its foreign exchange reserves by including crypto assets like Bitcoin, especially considering what is reportedly being discussed in the US. Hamada stated:

“I think Japan should follow the United States and consider turning some of its foreign exchange reserves into crypto assets, such as Bitcoin.”

In response, the Japanese Prime Minister mentioned that his government simply lacks sufficient information about the US and other countries’ plans for a strategic Bitcoin reserve. As a result, Japan can’t yet commit to creating a BTC reserve.

In other news, a US Bitcoin reserve could see the cryptocurrency’s price hit $1 million, an expert predicts.