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Satoshi Yamada asked the Japanese government whether it could “convert part of its foreign exchange reserves” into Bitcoin or another token.
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A lawmaker in Japan’s legislature named Satoshi Yamada has introduced questions for the government on the status of national Bitcoin reserves globally.
In a question submitted to the country’s House of Councillors on Dec. 11, Yamada asked the Japanese government to consider “the status of understanding the movement to introduce Bitcoin reserves in the United States and other countries.”
The lawmaker’s questions directly cited attempts by US government officials and crypto proponents to introduce a strategic Bitcoin (BTC) reserve in the country, claiming that such a move could add a “tremendous amount of power” to the markets.
“I believe that consideration should be given to this matter, and I would like to hear the government’s views,” said Yamada in a translated statement. “Should Japan also introduce a system to convert part of its foreign exchange reserves into crypto assets such as Bitcoin?”
Satoshi Yamada’s questions to Japanese lawmakers about Bitcoin reserves. Source: Yukari Murakami
Inspired by efforts in the United States?
In the wake of the US elections in which Republican lawmakers won a trifecta in the presidency, House of Representatives, and Senate, crypto advocates seem to be pushing harder for the government to consider a strategic Bitcoin reserve — also one of Donald Trump’s campaign promises. Lawmakers in Brazil have issued similar calls to use the cryptocurrency as a hedge against economic risks.
According to his social media activity on X, Yamada has been closely following efforts in the US to introduce a strategic BTC reserve. He has retweeted posts from the American political action committee created by Elon Musk about the Tesla CEO’s proposed Department of Government Efficiency — which would likely be an advisory committee, not a government department.
Related: Texas lawmaker proposes bill to establish strategic Bitcoin reserve
Though Japan has one of the largest gross domestic products (GDPs) in the world, the country dropped from third to fourth place in 2023, losing its position to Germany amid a slowing economy. Most estimates place Japan’s GDP at more than $4 trillion, suggesting that if its government were to establish a national BTC reserve, it could benefit crypto holders.
Magazine: Crypto City: Guide to Osaka, Japan’s second-biggest city
This article first appeared at Cointelegraph.com News
