Japanese Government Officially Responds to Proposal for Establishing Bitcoin Reserves: The Introduction of Bitcoin as a Reserve Asset is Still in the Discussion Stage

The Japanese government recently made an official response to the proposal by Senator Satoshi Hamada regarding the trend of countries like the United States promoting Bitcoin as a reserve asset.
In the response, the Japanese government stated that it has not yet grasped the relevant trends in the United States and other countries in detail, and mentioned that the introduction of Bitcoin as a reserve asset is still in the discussion stage. Regarding the specific situation, 'the Japanese government finds it difficult to express an opinion.'
In addition, the Japanese government pointed out, based on the legal framework for the use of special accounts, that 'cryptographic assets do not fall under the category of foreign exchange,' and explained that the current goal is the stability of foreign currency-denominated assets and the foreign currency bond market, aside from foreign exchange reserves.
The response document repeatedly emphasizes that the use of special accounts prioritizes ensuring the safety and liquidity of foreign exchange reserves. Therefore, it is evident that the Japanese government believes that the price volatility of cryptographic assets, including Bitcoin, is high and does not align with the current system.
The response document again indicates that, against the backdrop of ongoing discussions at both international and domestic levels about incorporating cryptographic assets into national reserve strategies, the Japanese government still maintains a cautious stance.