Original | Odaily Planet Daily (@OdailyChina)
By 2025, cryptocurrency is no longer a toy for niche investors but a key piece in the global economic chessboard. From El Salvador adopting Bitcoin as legal tender to mainland China completely banning crypto trading, and the US attempting to establish a Bitcoin reserve, the attitudes of various countries towards crypto reserves reflect vastly different strategic considerations, political stances, and technological beliefs.
In this emerging field, supporters view it as a pioneer of financial innovation, cautious individuals worry about its volatility and regulatory challenges, while opponents see it as a threat to the traditional monetary system. This article will review the typical positions on crypto reserves globally and analyze the motivations behind them.
Supporters: Pioneers and Experimenters of Crypto Reserves
United States: Trump Ignites the "Bitcoin Arms Race"
On March 7, 2025, Trump signed an executive order to officially establish a strategic Bitcoin reserve in the US, utilizing approximately 200,000 Bitcoins confiscated by the federal government as initial capital, aiming to solidify the dollar's position and promote the US as the "global cryptocurrency capital."
Matt Hougan, Chief Investment Officer of Bitwise, noted in this week's investment memo that Trump has fundamentally changed the rules of the crypto market. Hougan predicts that, influenced by this, Latin American countries such as Honduras, Mexico, or Guatemala may follow in the footsteps of the US and El Salvador, pushing Bitcoin to become a significant global monetary asset. Galaxy Digital further boldly predicts that by the end of 2025, at least five countries will establish their own Bitcoin strategic reserves.
This move by the US not only boosted market confidence (with Bitcoin prices briefly surpassing $95,000) but also set a benchmark for the world, stimulating other countries to reassess the strategic value of cryptocurrencies.
Texas: Local Leadership in National Transformation
The exploration of crypto reserves in the US shows a parallel trend between federal and state levels. Texas has taken the lead, becoming the first state in the US to establish a state-level crypto fund. The SB 21 bill passed by the state senate created a Bitcoin reserve fund, planning to hold Bitcoin and other top cryptocurrencies with a market cap exceeding $500 billion, regulated by a dedicated advisory committee.
Lieutenant Governor Dan Patrick called this move "an important milestone in the development of cryptocurrency," aligning with Trump's national vision. Texas's pioneering efforts may provide a template for other states and even federal policies.
Utah: Ambitions Frustrated but Not Abandoned
In contrast, Utah's exploration has been somewhat tortuous. Its Bitcoin bill, "HB 230," passed the state senate on March 7, 2025, with a vote of 19 to 7, but the original plan to authorize the treasurer to invest in Bitcoin reserves was removed in the final review, leaving only custodial protection and basic participation rights. Nevertheless, the bill is still seen as a symbolic step of local support for cryptocurrencies.
El Salvador: The Lone Warrior in Bitcoin Experimentation
El Salvador is a pioneer in global crypto reserves. In 2021, the country designated Bitcoin as legal tender, and President Nayib Bukele has continued to increase Bitcoin holdings, with official holdings of approximately 6,000 Bitcoins, attempting to combat inflation and dependence on the dollar.
At the beginning of 2025, El Salvador reached a $1.4 billion loan agreement with the International Monetary Fund (IMF), which required it to abandon Bitcoin's legal tender status, but Bukele explicitly refused. As of now, the IMF stated that El Salvador's Bitcoin purchases have not yet violated the agreement (which will take effect on April 30), but subsequent negotiations may intensify the game between the two parties. This position, while groundbreaking, is controversial due to international pressure and high volatility.
Cautious Approach: Observation and Local Experiments Coexist
United Kingdom: Clear Rejection of US-style Reserves
The UK Treasury has clearly stated that there are "no plans" to introduce a US-style Bitcoin reserve, reflecting its cautious attitude towards cryptocurrencies. The UK is more inclined to view Bitcoin as an asset rather than a strategic reserve, with the Financial Conduct Authority (FCA) ensuring compliance in the crypto market through strict AML and KYC regulations. The stablecoin bill passed in 2023 and the exploration of central bank digital currency (CBDC) indicate that the UK may favor controlled digital assets over decentralized Bitcoin reserves.
Australia: Regulation First, Reserves Undetermined
The Australian government also maintains a cautious stance. A spokesperson for Treasurer Stephen Jones stated that there is currently no intention to establish a strategic cryptocurrency reserve, with the current focus on improving the regulatory framework for digital asset platforms. This attitude is similar to that of the UK, emphasizing compliance and risk control rather than aggressively incorporating it into national reserves.
European Union: Limited Openness Under Unified Regulation
The EU has defined Bitcoin as "crypto assets" through the Markets in Crypto-Assets Regulation (MiCA), allowing its use in payment fields but not encouraging it as a reserve asset. MiCA will take effect at the end of 2024, requiring crypto service providers to comply with strict regulations. The EU's attitude seeks a balance between innovation and stability, making it unlikely to see member states emulate the US reserve policy in the short term.
Japan: Gradual Exploration Under Friendly Regulation
Japan is one of the earliest countries to implement regulation on Bitcoin, having amended the Payment Services Act (PSA) in 2017 to define cryptocurrencies as legal property and requiring exchanges to register under the Financial Services Agency (FSA) framework, enforcing strict KYC and AML measures.
In March 2025, the ruling Liberal Democratic Party (LDP) of Japan drafted a proposal for crypto tax reform, aiming to reduce the cryptocurrency tax rate from a maximum of 55% to 20% and reclassify it as a financial product under the Financial Instruments and Exchange Act, similar to the tax model for securities investments. Currently, Japan treats cryptocurrency gains as "miscellaneous income," with a maximum tax rate of 55%. If the proposal is approved, crypto assets may receive independent tax treatment and lay the groundwork for spot crypto ETFs. The LDP is soliciting public opinions until March 31, after which it will be submitted to the FSA for review.
The Bank of Japan and the Ministry of Finance are cautious about the volatility of cryptocurrencies, with Prime Minister Shigeru Ishiba expressing hesitation about Bitcoin reserves, but leaning towards creating a favorable environment for cryptocurrencies in terms of taxation and regulation.
South Korea: From Observation to Active Discussion
South Korea's stance on cryptocurrencies has gradually opened up in recent years, especially after the US established a Bitcoin reserve, leading to increased domestic discussions about its strategic value. On March 9, 2025, financial experts and opposition party members proposed including Bitcoin in national reserves and developing a stablecoin supported by the Korean won to respond to global trends.
The decision on South Korea's Bitcoin ETF is at a critical juncture, drawing on Japan's transition from caution to openness. The Vice Chairman of the Financial Services Commission, Kim So-young, stated that they will "carefully review" the spot Bitcoin ETF, a process that may bring new development opportunities to South Korea's crypto market.
Opponents: Bans and Alternative Paths
China: Comprehensive Ban, Digital Yuan Priority
China's attitude towards Bitcoin has been consistent: a complete ban. Since 2021, China has prohibited cryptocurrency trading and mining, viewing it as a threat to financial stability and capital controls. By 2025, this position has not softened, with the government fully promoting the digital yuan (e-CNY) as a controllable central bank digital currency to replace decentralized crypto assets and accelerating the application and international cooperation of the digital yuan. China's opposition to crypto reserves is driven by economic security considerations and a defense of monetary sovereignty.
India: Transition from Ban to Heavy Taxation
While India has not imposed a complete ban like China, it remains highly vigilant towards Bitcoin. The trading ban from 2018 was overturned by the Supreme Court in 2020, after which India redefined it as "virtual digital assets," imposing a 30% capital gains tax and a 1% transaction tax, leading to 95% of trading volume shifting to overseas platforms.
By 2025, India has not shown a willingness to establish crypto reserves, but the decision by the Trump administration to create a Bitcoin reserve has prompted India to reassess its position. India's Secretary of Economic Affairs, Ajay Seth, stated, "Multiple jurisdictions have changed their attitudes towards Bitcoin, and we cannot make a unilateral decision," indicating India's attention to global trends.
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