Asia begins the final trading week of 2024 with a focus on the monthly 'China data dump' and central bank decisions, including a likely rate cut from the Federal Reserve. Investors remain optimistic amid easing monetary policies, while the Bank of Japan may consider a rate hike following positive business surveys. Key Chinese economic indicators, including industrial production and retail sales, are set to be released, alongside concerns over the South Korean won following President Yoon Suk Yeol's impeachment.
Several countries are exploring the establishment of national Bitcoin reserves, reflecting a growing trend in cryptocurrency adoption. In Japan, lawmaker Satoshi Hamada has proposed a discussion on a Bitcoin reserve, while Texas and Pennsylvania are considering similar initiatives. Brazil's government aims to allocate 5% of its international reserves to Bitcoin, and Poland's presidential candidate Sławomir Mentzen advocates for a strategic reserve and crypto-friendly regulations. Russia is also revisiting the idea of a national Bitcoin reserve amid recent legislative changes supporting digital assets.
Japanese MP Satoshi Hamada has called for the establishment of a Strategic Bitcoin Reserve, aligning Japan with global trends as countries like the US and Texas explore similar initiatives. This move reflects a growing institutional interest in Bitcoin as a strategic reserve asset, particularly amid rising inflation concerns. Meanwhile, Bitcoin has recently surpassed $100,000, with analysts predicting a potential market peak in October 2025, supported by strong demand levels.
A Japanese lawmaker, Satoshi Hamada, has proposed establishing a national Bitcoin reserve, advocating for the conversion of part of Japan's foreign currency reserves into Bitcoin to leverage its decentralized nature as a strategic asset. This initiative aligns with global trends, as countries like Brazil and the U.S. explore similar strategies to enhance financial stability and innovation in blockchain technology. Japan's potential adoption of Bitcoin could position it as a leader in the crypto space, fostering creativity and reducing regulatory barriers for non-exchange crypto intermediaries.
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Japanese lawmaker Satoshi Hamada has urged the government to consider integrating Bitcoin into its foreign exchange reserves, highlighting its potential as a strategic asset amid rising global interest in cryptocurrencies. His proposal comes as Bitcoin surpasses $100,000, reflecting its growing acceptance and value, and aligns with similar discussions in the US and Brazil regarding the use of Bitcoin as a hedge against economic risks. Advocates believe that adopting a Bitcoin reserve could enhance Japan's financial flexibility and assert its leadership in the digital asset space.
A Japanese lawmaker, Satoshi Hamada, has proposed the creation of a national Bitcoin reserve, submitting a formal request to the National Diet. This initiative follows similar proposals from lawmakers in countries like Russia, Brazil, and the U.S., amid Bitcoin's recent surge to over $103,000. While Hamada's party holds limited seats, support from influential figures like Yuichiro Tamaki may bolster the proposal's chances.
The Bank of England's Prudential Regulation Authority (PRA) has mandated that businesses disclose their current and anticipated crypto asset exposures by March 2025. This initiative aims to gather essential data to inform regulatory policies and assess the financial stability implications of digital assets. The PRA's efforts will focus on tokenized assets, stablecoins, and unbacked cryptocurrencies, as the UK seeks to establish a comprehensive regulatory framework amidst growing global interest in cryptocurrencies.
Japanese lawmaker Satoshi Yamada has raised questions in the House of Councillors regarding the government's stance on Bitcoin reserves, inspired by similar movements in the US and Brazil. He urged the government to consider converting part of its foreign exchange reserves into cryptocurrencies like Bitcoin, highlighting the potential economic benefits. Yamada's inquiries reflect a growing interest in strategic Bitcoin reserves amid Japan's economic challenges.
Coinbase Europe has announced the delisting of several stablecoins, including Tether's USDT, to comply with the EU's Markets in Crypto-Assets (MiCA) regulation, which requires stablecoin issuers to obtain e-money authorization. Tether expressed concerns over the rushed actions of exchanges and is finalizing its plans for compliance in the region. Meanwhile, USDC and EURC remain compliant and will continue to be supported on the platform.
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