The governments of Japan and Russia have announced they will not create national Bitcoin (BTC) reserves soon. Both nations plan to monitor developments in countries like the United States before making decisions.
Japan’s Conservative Stance on Bitcoin Reserves
In Japan, lawmaker Satoshi Hamada recently asked the government about Bitcoin reserves. He proposed that Japan follow the United States and other countries by converting part of its foreign exchange reserves into cryptocurrencies like Bitcoin.
Prime Minister Shigeru Ishiba’s office responded, stating they lack detailed knowledge of developments in other nations. The office explained that plans for national Bitcoin reserves in the U.S. and elsewhere are still in early stages, making it hard for Japan to adopt a clear stance.
The government also stressed that current Japanese laws do not allow holding cryptocurrencies. Existing foreign currency reserves aim to stabilize Japan’s foreign currency assets and bond markets. Moreover, the volatility of cryptocurrencies like Bitcoin was cited as a major reason for their incompatibility with Japan’s financial systems.
The Japanese media outlet CoinPost noted that Prime Minister Ishiba’s cautious remarks reflect the government’s reserved approach to cryptocurrency adoption. Recent discussions in Japan have included conservative views on crypto tax reforms and Bitcoin spot ETFs.
Russia’s Position on Bitcoin Reserves
In Russia, Finance Minister Anton Siluanov discussed the topic at the Financial University. He stated that while a cryptocurrency reserve could be revisited in the future, it is not currently under consideration.
Siluanov explained that any potential move toward Bitcoin reserves depends on developments over the next five to ten years. He acknowledged the possibility of high returns but warned about the risks linked to cryptocurrency’s unpredictability. Siluanov emphasized the government’s preference to avoid such risks, saying, “It is better to earn less but keep your powder dry.”
Despite Bitcoin’s growth this year, Siluanov reiterated the unpredictability of cryptocurrencies compared to other assets. He suggested that while the U.S. is exploring using crypto as a national reserve asset, Russia will proceed cautiously, given the volatility of these instruments.
Global Interest in Bitcoin Reserves
While Japan and Russia remain hesitant, other nations are exploring Bitcoin reserve strategies. The United States has shown interest in creating a state-operated Bitcoin reserve, with lawmakers drafting legislation to establish the necessary legal framework. Analysts from VanEck suggested such a move could help the U.S. reduce its national debt by 35% by 2049.
Brazil has also shown enthusiasm for Bitcoin reserves, with officials actively exploring the idea. Lawmakers in various countries, including Japan and Russia, are urging their governments to act swiftly to remain competitive with nations like the U.S., advancing in the cryptocurrency domain.
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