A Japanese lawmaker has requested that the government establish a national Bitcoin reserve, a request that is consistent with recent requests from MPs in Argentina, Russia, and other countries.
The demand was made by Satoshi Hamada, an MP from the Party to Protect the People, according to the official House of Councillors record and the media outlet CoinPost.
Hamada submitted a written inquiry to the government regarding the establishment of a reserve fund for cryptoassets.
The lawmaker observed that there are currently initiatives underway in “Brazil and the United States,” where Treasury officials may soon begin to maintain Bitcoin (BTC) as a “strategic reserve asset.”
Hamada subsequently requested that the Japanese government “consider converting a portion of its foreign exchange reserves into virtual currencies, such as Bitcoin.”
He also stated that the incoming Donald Trump administration will designate a crypto “czar” and that “similar initiatives are also in progress in Brazil.”
The lawmaker indicated that BTC could soon become a “national strategic asset.”
He forwarded his request in a document that carried the following title: “Inquiry concerning the current state of comprehension regarding the movement to establish a national Bitcoin reserve in the United States and other countries.”
Hamada’s inquiry also acknowledged that BTC is “less susceptible to the influence of specific countries or institutions.”
And he stated that Bitcoin’s “neutrality and decentralised character” enable it to sustain economic activity without “depending on any specific currency.”
In the upcoming weeks, the government is expected to furnish Hamada with a written response, which it will likely post on its official website.
Hamada is the representative of a political organisation that holds only two seats in parliament. However, it is highly probable that Hamada’s viewpoints are not uncommon among other MPs.
Japan’s crypto market has contracted due to its relatively restrictive regulations. However, a significant number of prominent legislators continue to advocate for the transformation of the country into a global blockchain hub.
They have urged Tokyo to reform crypto tax laws and prevent promising crypto ventures from relocating overseas.
In the interim, the business sector is becoming more interested in Bitcoin, and certain Japanese companies are utilising their balance sheets to purchase BTC and alternatives.
It appears that numerous regulatory bodies are prepared to implement the requisite reforms. However, the nation’s new Prime Minister has expressed a more cautious stance on the reform of crypto regulation.
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