Prime Minister Kishida spoke on the benefits of using web3 and how it would help the country promote its current outreach strategy.
Fumio Kishida, the Prime Minister of Japan, voiced his support for blockchain and digital assets and termed it a solution for the country’s technology-based issues. Kishida said the same before Japan’s House of Representatives budget committee in response to questions from Masaaki Taira, who is a Liberal Democratic Party member.
He stressed the strategy of ‘Cool Japan,’ which would portray Japan as an innovative country and show its culture to the rest of the world. In his opinion, web3 could help the strategy in a big way, using various tools like non-fungible tokens (NFTs) and decentralized autonomous organizations (DAO). He stressed using web3 in an advantageous manner for the country’s benefit. Japan has also strictly advocated for crypto regulations to treat the sector at par with the traditional financial industry.
Masaaki Taira also pointed out the research and development of Japan’s digital currency and the involvement of the tax authorities in the process. He said, “I think that these types of blockchain technology and technology using Web3 are effective in solving the various problems we have.”
Though several exchanges have closed their branches in Japan recently due to various factors, the country is progressing steadily towards adopting a regulatory regime for the crypto industry, which would incentivize more crypto firms to set shop in Japan.