Japan is the latest country facing calls to explore the feasibility of establishing a Strategic Bitcoin Reserve (SBR).
This proposal comes as global interest in Bitcoin reserves gains momentum, particularly following Donald Trump’s election victory in the United States.
Japan Urged to Explore Bitcoin Reserve and DOGE Potential
On December 11, Japanese lawmaker Satoshi Yamada submitted a formal question to the Japanese government, emphasizing the need to analyze global initiatives focused on Bitcoin reserves. He highlighted how adopting the initiative could enhance Japan’s financial markets and strengthen its economic position.
Yamada also raised the possibility of converting part of Japan’s foreign exchange reserves into cryptocurrencies like Bitcoin and asked for the government’s stance on the matter.
“I believe that consideration should be given to this matter, and I would like to hear the government’s views. Should Japan also introduce a system to convert part of its foreign exchange reserves into crypto assets such as Bitcoin?,” the lawmaker questioned.
Over the past month, efforts to establish Bitcoin reserves have accelerated globally since Trump pledged during his campaign to create a national Bitcoin reserve.
Following his election, several US states, including Pennsylvania and Texas, have introduced legislation to build strategic Bitcoin reserves. Dennis Porter, CEO of the Satoshi Action Fund, stated that at least ten states are actively drafting similar bills and expects more to follow soon.
Author: Oluwapelumi Adejumo
