Japanese Lawmaker Makes Push For Strategic Bitcoin Reserve
A Japanese lawmaker has called on the government to adopt a strategic Bitcoin reserve to be at the fore of global financial innovation. This follows similar efforts by legislators in the United States, Russia, Argentina, and other jurisdictions. As a finite asset, a strategic Bitcoin reserve is key for consumers economic benefits and utility in cross-border payments.
According to the House of Councilors document, Satoshi Hamada moved towards a Bitcoin Reserve for the government. He described the importance of the country having the top crypto as its national asset. Hamada proposed converting foreign reserves to crypto assets like Bitcoin, pointing to global jurisdictions.
The lawmaker cited neutrality and its decentralized nature to prevent any form of control within a particular country. Global trade with Bitcoin is possible without the influence of specific countries. Crypto enthusiasts argue that it creates a fair financial environment for participants.
The initial reaction from the crypto community was positive, as holders lauded the recent push by governments toward digital asset adoption. This could spur institutional investment, raising asset prices and driving market innovation. Although Hamadas party holds only two seats in parliament, there is growing optimism of other lawmakers supporting his views.
Japan has taken a mixed approach toward digital asset regulation. Last month, the country proposed a lightweight regulation for crypto intermediaries. As global regulations ramp up, crypto enthusiasts believe the country will be more positive to virtual assets.
The United States Effect
Recent moves by US lawmakers inspired Hamada to pitch a strategic Bitcoin reserve. Ahead of the US elections, Donald Trump backed the crypto industry, pledging positive regulations and ending the present administrations war on the market. Amongst others, Trump noted that his administration would stop the sale of the nations Bitcoin, creating a reserve.
US Senator Cynthia Lummis rolled out a bill for a strategic Bitcoin reserve in a related effort. The bill seeks to make the country a Bitcoin power nation as it will acquire 1 million BTC for five years and hold for 20 years. This will offset the growing national debt, which continues to hinder macro conditions in the market.
Sen Lummis proposed selling gold reserves to acquire more Bitcoin, sparking an upward trend among bulls. This has led to several jurisdictions setting sights on a strategic BTC reserve to boost fair competition.
Read more: https://zycrypto.com/japanese-lawmaker-makes-push-for-strategic-bitcoin-reserve/
Text source: ZyCrypto
