When responding to Liberal Democratic Party member Masaaki Taira before the Budget Committee of Japan’s House of Representatives on February 1, Fumio Kishida said there were various possibilities for using Web3 in Japan. According to him, the Japanese government could use aspects of NFTs and DAOs to revitalise regions and promote ‘Cool Japan’ strategy — a national strategy aimed at showing off the country’s innovations and culture to the rest of the world. Kishida added that DAOs can encourage people to convene for social issues of their interest.
Masaaki Taira leads the task force on the development of Web3 policy in Japan. He oversees coordination with Japanese tax authorities and research about digital currency. Last November, the Bank of Japan announced plans to run a pilot program for a digital yen in the spring of 2023. Japan is also planning to give green light to foreign stable coins in the summer of 2023.
‘Cool Japan’, a term from the early 2000s, is an initiative that highlights and promotes the country’s cultural influence, featuring J-pop, manga and anime, film and video games, to strengthen economic and diplomatic ties with other countries. In turn, PM Kishida who assumed his position in 2021, supports digital finance and Web3 adoption in Japan to reinvigorate the economy in what he has called “new capitalism.” In September, his cabinet issued NFTs as rewards for regional authorities using digital technology to solve problems.
Major Japanese game developers are incorporating blockchain technology into their business, for instance, Final Fantasy maker Square Enix reiterated its commitment to Web3 venture in January. So all in all, it seems like Japan is taking consistent steps to becoming a pioneering country in Web3 adoption. We continue to observe.