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Japan-Russia Cautious in Creating National Bitcoin Reserves
The Japanese and Russian governments are being cautious in their plans to make Bitcoin (BTC). Both prefer to see other countries develop the asset.
This is because Bitcoin has very high volatility and high risk. In addition, it is not in accordance with the financial systems of the two countries.
It is known, according to Japanese Prime Minister Shigeru Ishiba, that the government does not yet understand and have views regarding Bitcoin. This is because the asset is still in the early stages of being implemented as a state reserve.
"Have a detailed understanding of developments in the United States and other countries. It is still in the early stages of expressing the government's views," said Shigeru.
Meanwhile, according to the Russian Minister of Finance, the risk of loss is the main factor for Russia to use Bitcoin as a reserve.
"Of course it is easy to invest money in Bitcoin at the beginning of the year (2024) and will get double or even triple the profit. However, there is also a risk of loss. So the country does not take such financial risks. Absolutely not.
Meanwhile, he added that there is hope that Russia will implement a Bitcoin reserve, seeing the United States that is echoing the reserve. On the other hand, this instrument is dangerous, because it is unpredictable.
"Maybe one day, we will agree to build a national Bitcoin reserve. America is talking about using crypto as a national reserve asset. But crypto is a very volatile instrument, investing sovereign state funds in something unpredictable may be dangerous," he said.