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The legislator highlighted the cases of the US and Brazil, where the creation of BTC reserves is planned.
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For Hamada, Bitcoin will soon become a “national strategic asset.”
Japanese senator Satoshi Hamada presented a document to his country’s government requesting the creation of a strategic reserve of bitcoin (BTC).
The document was registered officially in the House of Councilors (Upper House). In his proposal, Hamada urged the government to consider converting part of its foreign reserves into virtual currencies such as bitcoinfollowing the recent trend of several States and companies which add to the development of their own BTC treasuries.
Hamada highlighted his request in a document, titled “Letter of Intent on the State of Understanding of the Bitcoin Reserve Movement promoted by the United States and other countries.”
According to the legislator, bitcoin is “less susceptible to the influence of specific countries or institutions.” He added that its “neutrality and decentralized nature allows BTC to support economic activity without relying on any specific currency.”
The Japanese government plans to provide Hamada with a written response in the coming weeks, which he will probably publish on his official website.
This petition is presented in the midst of the fever of bitcoin reserves, a phenomenon where to date dozens of companies and some nations are considering the creating your own bitcoin treasuries. The case of the United States has aroused interest, due to President-elect Donald Trump’s promise to carry out this action.
A clear example of the benefits that bitcoin reserves bring is the local Japanese company Metaplanet Inc. As CriptoNoticias reported earlier, only this year the shares of that company They have risen 1,700% thanks to your investment in BTC.
Hamada’s proposal reflects a growing acceptance and recognition of bitcoin not only as an investment tool, but also as a national strategic asset.
The Japanese government’s response to this proposal could set a significant precedent for other nations who are closely watching how Japan, with its advanced technological infrastructure and history of early adoption of financial innovations, handles the issue of cryptocurrencies.
Japan has been interested in bitcoin for years. As of 2017, this asset and the rest of the cryptocurrencies They are legal in that country. And since 2019, its use is limited for speculative trading, as reported by CriptoNoticias. Therefore, it remains to be seen what direction that nation could take regarding its protection with BTC.
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