A Japanese lawmaker is pushing his government to consider launching a national Bitcoin reserve, as calls to stockpile the cryptocurrency gain traction across the world.
A formal request to discuss the would-be Bitcoin reserve was submitted on December 11 to the National Diet, according to the Japanese legislature's website. National Diet member Satoshi Hamada put forth the proposal; he shares a given name with Bitcoin's pseudonymous creator (or creators), Satoshi Nakamoto.
The push to kick-start discussions around creating a national Bitcoin reserve in Japan follows similar calls to action by lawmakers in Russia, Brazil, Poland and the U.S. The issue has gained supporters in several corners of the world following Bitcoin's ascent to a new all-time high price above $103,000 earlier this month.
Bitcoin Is Flying High—These Countries Are Considering a National Reserve
Some countries are mulling a national Bitcoin reserve amid a historic market run-up that has pushed the world’s largest cryptocurrency to new heights in recent weeks, with BTC topping $100,000 for the first time earlier this month. United States President-elect Donald Trump and his allies have repeatedly thrown their support behind a bill to stock the Federal Reserve with the asset, and will soon be in position to potentially make that a reality. Government officials in Brazil have also put fo...
The National Diet had not responded to the Bitcoin reserve proposal as of publication time.
A Japanese parliament representative did not immediately respond to Decrypt's request for comment.
Although Hamada is affiliated with a political party that holds just two seats in the National Diet's upper house, his proposal is likely to find at least some support in Japan's legislature.
National Diet member Yuichiro Tamaki, who leads a political party with outsized influence in Japan's legislature, is also a champion of Bitcoin. In October, the Democratic Party for the People leader proposed tax cuts and regulatory reform for cryptocurrency holders and companies in Japan.
Japan is just one of several countries where politicians are mulling over a potential Bitcoin reserve.
Texas Legislator Introduces Bill to Establish Bitcoin Strategic Reserve
The Texas legislature will consider adopting a Bitcoin strategic reserve following the introduction of a bill Thursday to establish such a program, amid ongoing efforts to do the same on a national level in the United States. The proposed bill, H.B. No. 1598, was introduced by Texas State Representative Giovanni Capriglione. It seeks to build up a supply of Bitcoin for the state, with the funds held for at least five years without being sold, plus it will allow Texas citizens to make donations t...
In the U.S., where discussions appear to be furthest along, President-elect Donald Trump has vowed to “keep 100% of all the Bitcoin the U.S. government currently holds or acquires.” In addition, Sen. Cynthia Lummis put forth in July a strategic Bitcoin reserve" proposal that sets a 1 million Bitcoin acquisition target for the U.S. Treasury over a five-year span.
Outside the U.S., Brazilian lawmakers in November proposed a bill calling for the nation to top up its coffers with the world's oldest cryptocurrency. And in Europe, several Russian lawmakers last month called for the creation of a “stash of” crypto in “the state Treasury,” while one presidential candidate in Poland has argued the nation should stockpile the asset.
Edited by Andrew Hayward
