The Japanese government has officially responded to Senator Satoshi Hamada’s proposal and clarified its position on Bitcoin. The statement, issued by Prime Minister Shigeru Ishiba on December 20, asserted that Japan has no plans to include Bitcoin or other virtual currencies as part of its foreign exchange reserves. The main reasons for this decision were concerns about volatility and a lack of understanding of global trends surrounding crypto reserves.
Japan’s legal framework regarding virtual currencies
Senator Hamada of the Party to Protect the People from NHK urged Japan to consider following the lead of countries such as the United States in exploring Bitcoin reserves. However, the government has made it clear that discussions on this issue are still at an early stage and it is difficult to express a final position. He stressed that Japan’s knowledge of international developments in this area is insufficient to make informed decisions.
Japan’s legal framework also plays an important role in this position. According to the country’s special account management regulations, virtual currencies such as Bitcoin are not classified as foreign exchange assets. Furthermore, under the Financial Instruments and Exchange Act, virtual currencies do not fall under securities. Instead, Japan’s Payment Services Act provides the legal definition of “crypto-assets.” By law, providers of virtual currency exchange services are required to register with the Financial Services Agency. As outlined by prominent Japanese law firm Anderson Mori & Tomotsune, operating without proper registration is subject to criminal penalties.
Japan prioritizes stability and prudence in determining virtual currency reserves
The government emphasizes that the main purpose of foreign exchange reserves is to ensure the stability of foreign currency-denominated assets and bond markets. It noted that the inherent volatility of crypto assets undermines their suitability for this purpose, and that safety and liquidity remain paramount when managing reserves.
In addition to this official statement, an industry perspective provides further insight into Japan’s cautious approach to cryptocurrencies. Akihiko Ogino, CEO of a major Japanese investment bank, has suggested that Japan should consider launching a virtual currency exchange-traded fund (ETF). Despite this proposal, Daiwa Securities, which manages the Nikkei 225 ETF, has yet to announce plans for a crypto-backed ETF. Japan’s current regulations and economic outlook for crypto assets may delay the introduction of such financial products.
In summary, the Japanese government has decided not to adopt Bitcoin as part of its foreign exchange reserves due to regulatory classification, concerns about volatility, and focus on financial system stability. While individual voices in the financial industry have advocated for broader cryptocurrency integration, the government’s position reflects a preference for careful and careful consideration over hasty implementation.
Japan won’t follow US in establishing strategic Bitcoin reserve, says virtual currency is not foreign exchange. pic.twitter.com/s2soNqu4bE
— TheCryptoBasic (@thecryptabasic) December 26, 2024
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