As a researcher who has spent years studying and analyzing financial markets, I find it intriguing that while some nations are exploring the possibility of adopting Bitcoin as part of their foreign exchange reserves, Japan remains cautious. This is not surprising given Japan’s meticulous approach to financial matters, having learned from its past economic experiences.
Japan’s government has communicated to Senator Hamada that they currently do not plan on incorporating Bitcoin into their foreign currency reserves because they don’t fully comprehend it yet, and they have worries about its unpredictable fluctuations.
According to Japanese media reports, the Japanese government, on December 20th, made public their response to questions posed by Senator Satoshi Hamada regarding the possible inclusion of Bitcoin (BTC) in Japan’s foreign exchange reserves. In a statement attributed to Prime Minister Ishiba Shigeru, it was clarified that currently, there are no plans underway to explore cryptocurrency as part of Japan’s reserve assets.
Senator Hamada, representing the Party to Safeguard Citizens from NHK, suggested Japan should mimic countries like the United States in regards to exploring Bitcoin (BTC) reserves. However, the government stated that they lack sufficient understanding of international trends regarding this matter and mentioned that talks about incorporating cryptocurrencies as reserve assets are still at a very early stage. Essentially, the government expressed that it is currently challenging to form an opinion on this topic.
The response also mentioned that, under Japan’s legal system for special account management, cryptocurrencies such as BTC do not fall under the category of foreign exchange assets. Moreover, a “crypto asset” is not regarded as a “security” pursuant to the Financial Instruments and Exchange Act under Japanese law.
According to Anderson Mori & Tomotsune, a prominent Japanese law firm, the Payment Services Act lays out what constitutes “crypto assets” and mandates that any entity offering services for exchanging these digital assets must register with the Financial Services Agency. Failing to do so could result in legal consequences.
As a researcher, I’m focusing on understanding the role of current foreign exchange reserves, which primarily serve to maintain stability in foreign currency-backed assets and bond markets. Notably, the Japanese government has underscored their commitment to prioritizing safety and ensuring liquidity, given the volatility associated with cryptocurrencies. They prefer to steer clear of such assets for the time being.
Additionally, Akihiko Ogino, CEO of a Japanese investment bank, proposes the adoption of exchange-traded funds (ETFs) based on cryptocurrencies in Japan. At present, Daiwa Securities, responsible for managing the Nikkei 225 ETF, has not revealed any intentions to launch a crypto-related ETF. However, Japan’s stance towards cryptocurrency assets may influence and potentially postpone Daiwa Securities’ plans for introducing an ETF.
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2024-12-26 10:35