Bitcoin reserve proposal

The Japanese government has formally responded to the proposal for establishing Bitcoin reserves: the volatility of crypto assets is inconsistent with the current foreign exchange system

ChainCatcher news, according to Coinpost, the Japanese government has officially responded to the inquiry by Senator Akira Hamada regarding "the promotion of Bitcoin reserves by the United States and other countries." Hamada previously stated on December 11 that "Japan should follow the example of the United States and other countries and consider converting part of its foreign exchange reserves into Bitcoin and other crypto assets."In response, the Japanese government stated that it has not yet fully grasped the relevant movements of the United States and other countries, believing that discussions in other countries about introducing Bitcoin reserves are still ongoing, and "the government finds it difficult to take a position on specific situations." According to the legal framework of special accounting operations, "crypto assets do not fall under foreign exchange," and the current foreign exchange reserves aim to maintain the stability of foreign currency assets and foreign currency bond markets.The defense document repeatedly emphasizes that special accounting operations will prioritize ensuring the safety and liquidity of foreign exchange reserves, implying that the volatility of crypto assets like Bitcoin does not align with the current system.
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