Japan is the most recent country to be called upon to study the feasibility of setting up a Bitcoin Strategic Reserve.
This proposal comes in the wake of global interest in Bitcoin reserves gaining momentum, particularly in the wake of Donald Trump’s election victory in the United States.
Japan Explores Bitcoin Reserves
On December 11, Japanese lawmaker Satoshi Yamada submitted a formal inquiry to the Japanese government, urging it to evaluate the potential benefits of adopting Bitcoin reserves. Yamada highlighted how this initiative could bolster Japan’s financial markets and enhance its economic standing on the global stage.
Yamada also raised the possibility of converting part of Japan’s foreign exchange reserves into cryptocurrencies like Bitcoin, seeking the government’s stance on the matter:
“I think this issue should be considered, and I would like to know the government’s opinion. Should Japan also introduce a system to convert part of its foreign exchange reserves into cryptoassets such as Bitcoin?” he asked.
In recent weeks, global efforts to establish Bitcoin reserves have gained momentum. Following Trump’s campaign promise to create a national Bitcoin reserve, several U.S. states, including Pennsylvania and Texas, have passed legislation to develop strategic Bitcoin reserves.
Dennis Porter, CEO of the Satoshi Action Fund, noted that at least ten U.S. states are actively drafting similar bills and anticipates more to join the effort:
“President Trump better have the Executive Order ready on Day 1 for a ‘Strategic Bitcoin Reserve.’ Otherwise, the states are poised to win the race. Pennsylvania and Texas are leading the way. At least 10 states in total will introduce SBR bills. Probably many more,” Porter stated.
Japan Looks to U.S. for Policy Inspiration
Beyond Bitcoin, Yamada expressed enthusiasm for the newly established U.S. Department of Government Efficiency (D.O.G.E.), describing it as a policy Japan should consider.
The D.O.G.E., part of Trump’s “Save America Movement,” aims to streamline federal operations, reduce government spending, and enhance efficiency. The department is led by tech magnate Elon Musk and biotech entrepreneur Vivek Ramaswamy, who have outlined plans to overhaul government functions by cutting red tape and promoting economic freedom.
Yamada suggested Japan could draw inspiration from the D.O.G.E. initiative to promote economic growth and improve governmental efficiency. He proposed that adopting similar strategies could help Japan modernize its economic policies and streamline its bureaucratic processes.
