Japan Prime Minister Hesitates on Bitcoin Reserve While US and Brazil Lead Crypto Charge

Japan’s Prime Minister Shigeru Ishiba raised concerns about adopting Bitcoin reserves, stating his government lacks adequate information on global strategies, including moves in the United States.

Japan Faces Uncertainty on Bitcoin Reserve Decision

The prime minister of Japan has stated that his country is unable to decide whether or not to establish a Bitcoin strategic reserve because of a lack of knowledge regarding the plans of other countries and the United States.

Prime Minister Shigeru Ishiba reportedly stated on December 26 that he is not well-informed about the "movements" taken by nations such as the US and others in relation to the adoption of Bitcoin reserves. This information was reported by the local media site CoinPost.

“It is difficult for the government to express its views,” Ishiba stated.

That was in answer to a query from NHK's Satoshi Hamada, a Party to Protect the People House of Councilor, on Japan's "movement of introducing Bitcoin reserves that the United States and other countries are proceeding with."

Calls to Follow the US on Bitcoin Reserves

"I think Japan should follow the example of the United States and consider turning some of its foreign exchange reserves into crypto assets such as Bitcoin," Hamada stated.

According to Ishiba, cryptocurrency does not qualify as a form of foreign exchange, Cointelegraph shares.

Global Bitcoin Strategies Gain Momentum

According to Strike's founder and CEO Jack Mallers, Donald Trump is expected to classify Bitcoin as a US reserve asset by an executive order issued on his first day as president.

There has been new legislation in Brazil to create a national Bitcoin reserve, introduced by Congressman Eros Biondini.

Ripple CEO Predicts Demand for Yen Stablecoins

On November 25, the bill was introduced with the intention of establishing RESBit, a Sovereign Strategic Bitcoin Reserve.

The CEO of Ripple, Brad Garlinghouse, predicted high demand for a stablecoin pegged to the Japanese yen on September 8th.

“People will want to hold yen stablecoins, and I think that is only a matter of time," Garlinghouse said in an interview with Bloomberg’s The China Show on Sept. 7.

Japan is a "conservative market in some ways," according to Garlinghouse, but the country is also "really healthy" in other aspects.

Japan, he claimed, had "leaned in" on providing regulatory clarity and crypto legislation relative to other nations.