Fumio Kishida said Japan has “various ways to use Web3,” previously supporting blockchain-based initiatives for government agencies using digital solutions.
Prime Minister Fumio Kishida has advocated blockchain as a potential solution to the technological problems facing Japan.
In response to a question from Liberal Democratic Party lawmaker Masaaki Taira at the House of Representatives Budget Committee on February 1, Kishida said there are “various ways to use Web3” in Japan. The Japanese government can use aspects such as Nonfungible Tokens (NFTs) and Decentralized Autonomous Organizations (DAOs) to revitalize the region and promote “Cool Japan,” he added. The rest of Japan to the world.
“With DAO, people interested in the same social issues can form new communities,” Kishida said. “NFTs can also be used to diversify a creator’s income and retain a very loyal fan base.”
The government’s task force on Web3 policy is headed by Taira.
He referred to his coordination with the Japanese tax authorities and his research on the introduction of the digital Yen. The country’s central bank will launch a digital currency pilot program in spring 2023, he announced in November.
“I think this kind of blockchain technology and the technology used by Web3 will be effective in solving various problems that we have,” Taira said.
Since taking office in October 2021, Kishida has occasionally spoken out about the Japanese government’s intention to invest in his Web3 service as part of his digital transformation of Japan. In September, his cabinet approved the issuance of NFTs as rewards for local governments that use digital technology to solve problems.
The deputy director of the Financial Services Agency’s Japan Strategic Development Management Bureau has called for stricter rules for cryptos similar to those used by banks. Among the downtown cryptocurrency markets, exchanges such as Coinbase and Kraken have suspended operations in Japan, and his bankrupt FTX local subsidiary will be out of business by March 9th.