Japan PM declines to discuss Bitcoin reserve amid global debate

Japan's Prime Minister, Shigeru Ishiba, has stated that the government is not ready to discuss the possibility of establishing a Bitcoin (CRYPTO:BTC) strategic reserve.

In a report from December 26, Ishiba explained that Japan lacks sufficient understanding of the actions taken by countries such as the United States regarding Bitcoin reserves.

“It is difficult for the government to express its views,” Ishiba said, acknowledging the need for more information before forming an official stance.

The remarks came in response to a question from Satoshi Hamada, a member of Japan’s House of Councilors.

Hamada suggested that Japan should follow the example set by the U.S. and consider converting a portion of its foreign exchange reserves into Bitcoin and other cryptocurrencies.

Ishiba responded by clarifying that cryptocurrencies do not fall under the category of foreign exchange reserves.

Jack Mallers, the CEO of Strike, expressed his belief that U.S. President Donald Trump may issue an executive order in his first term to designate Bitcoin as a reserve asset.

Additionally, in Brazil, Congressman Eros Biondini has proposed a bill to establish a federal Bitcoin reserve, known as RESBit.

The proposal, introduced on November 25, seeks to create a sovereign strategic Bitcoin reserve for the country.

While Japan remains cautious about Bitcoin reserves, the country has shown interest in the stablecoin market.

Ripple (CRYPTO:XRP) CEO Brad Garlinghouse recently predicted strong demand for a Japanese yen stablecoin.

He noted that Japan's market is “healthy” and has made significant progress in offering clear regulatory frameworks for cryptocurrencies.

At the time of reporting, the Bitcoin price was $98,018.94.