Japanese government recently issued an official response to the proposal put forward by Senator Hamada Satoshi regarding the trend of “the United States and other countries promoting Bitcoin as a reserve asset.”
In the response, the Japanese government stated that it has not yet fully grasped the relevant trends of the United States and other countries, and mentioned that the introduction of Bitcoin as a reserve asset is still under discussion. Regarding specific situations, “the Japanese government is unable to express an opinion.”
In addition, based on the legal framework for the use of special accounts, the Japanese government pointed out that “cryptocurrencies are not included in the category of foreign exchange,” and explained that the stability of foreign currency-denominated assets and the foreign currency bond market is the main goal of current foreign exchange reserves.
The response document repeatedly emphasizes that the use of special accounts prioritizes the safety and liquidity of foreign exchange reserves. It can be seen that the Japanese government believes that the high price volatility of cryptocurrencies, including Bitcoin, is not in line with the current system.
The response document once again indicates that, against the background of ongoing discussions at the international and domestic levels on including cryptocurrencies in national reserve strategies, the Japanese government still maintains a cautious stance.