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Japan’s Lawmaker Pushes for National Bitcoin Reserve
A Japanese lawmaker is advocating for the creation of a national Bitcoin reserve, joining a growing list of countries exploring the idea.
Request for Discussion
A formal request to discuss the potential Bitcoin reserve was submitted on December 11 to the National Diet, according to the Japanese legislature’s website. National Diet member Satoshi Hamada, who shares a name with the pseudonymous creator of Bitcoin, Satoshi Nakamoto, put forth the proposal.
Global Trend
The push to create a national Bitcoin reserve in Japan follows similar calls to action by lawmakers in Russia, Brazil, Poland, and the U.S. The issue has gained traction globally as Bitcoin’s price rose to a new all-time high above $103,000 earlier this month.
Response from National Diet
The National Diet had not responded to the Bitcoin reserve proposal as of publication time.
Support from Parliament Representative
A Japanese parliament representative did not immediately respond to Decrypt’s request for comment.
Background
Although Hamada is affiliated with a political party that holds just two seats in the National Diet’s upper house, his proposal is likely to find at least some support in Japan’s legislature.
National Diet member Yuichiro Tamaki, who leads a political party with significant influence in Japan’s legislature, is also a champion of Bitcoin. In October, the Democratic Party for the People leader proposed tax cuts and regulatory reform for cryptocurrency holders and companies in Japan.
Global Developments
Japan is just one of several countries where politicians are considering a potential Bitcoin reserve. In the U.S., President-elect Donald Trump has vowed to “keep 100% of all the Bitcoin the U.S. government currently holds or acquires.” In addition, Sen. Cynthia Lummis put forth in July a strategic Bitcoin reserve proposal that sets a 1 million Bitcoin acquisition target for the U.S. Treasury over a five-year span.
In Brazil, lawmakers proposed a bill in November calling for the nation to top up its coffers with the world’s oldest cryptocurrency. In Europe, several Russian lawmakers last month called for the creation of a “stash of” crypto in “the state Treasury,” while one presidential candidate in Poland has argued the nation should stockpile the asset.
Conclusion
The push for a national Bitcoin reserve in Japan is part of a growing trend worldwide, as governments explore the potential benefits and risks of holding the popular cryptocurrency. While the outcome is uncertain, this development is likely to have significant implications for the global cryptocurrency market.
FAQs
Q: What is a national Bitcoin reserve?
A: A national Bitcoin reserve is a proposal to hold a significant amount of Bitcoin by a country’s government, similar to a national gold reserve.
Q: Who is advocating for a national Bitcoin reserve in Japan?
A: National Diet member Satoshi Hamada is pushing for a national Bitcoin reserve in Japan.
Q: What countries are considering a national Bitcoin reserve?
A: Japan, the U.S., Brazil, Poland, and Russia are among the countries exploring the idea of a national Bitcoin reserve.
Q: What are the potential benefits of a national Bitcoin reserve?
A: Proponents argue that a national Bitcoin reserve could provide a hedge against inflation, diversify a country’s assets, and potentially generate revenue through the sale of excess Bitcoin.
