- Japan’s new prime minister Shigeru Ishiba supports web3 and blockchain
- Ishiba released a policy document outlining how the technology can benefit the country
- The prime minister cited food and tourism as some of the areas likely to benefit from web3 and blockchain technology
Japan’s new prime minister Shigeru Ishiba has released a policy document outlining how web3 and blockchain can benefit the country. The document cites tourism and the food industry as some of the areas that can be enhanced through the technology. The Japanese blockchain community has hailed Ishiba for his web3 bullishness, a trait that was also evident in former prime minister Fumio Kishida.
Blockchain and NFTs Included in Revitalization Plan
According to the document, the use of blockchain technology in the country is part of his regional revitalization plan. The plan involves supporting economic development in different regions through the creation of, for example, jobs and “the relocation of central government ministries and agencies to the regions.”
Japan’s new Prime Minister Shigeru Ishiba champions blockchain and NFTs to power up the regional economy 🇯🇵
A bullish sign for Japan’s Web3 future! pic.twitter.com/ECETjnpMWp
— Harry Liu @ Forj (@harry_forj) October 1, 2024
In the regional revitalization agenda, Ishiba wants to use blockchain technology to improve the value of local products and to market them to the world. The document recognizes blockchain as tamper-proof database and defines NFTs as “special certificate[s] that prove” ownership of assets traded on the blockchain.
Ishiba’s view on blockchain resonates with that of the country’s former prime minister. In 2023, Kishida revealed that Japan is ready to use web3 to showcase its innovations to the world. Kishida considered NFTs and DAOs as the technologies with the highest impact on the Japanese economy.
Japan’s Interaction With Blockchain Isn’t New
In 2022, Kishida announced that the country was investing in the metaverse and NFTs as part of its digital solutions plan.
Japanese firms across different industries have partnered to form the Japan Metaverse Economic Zone to open the Japanese tech space to the world. Leading Japanese firms like All Nippon Airways have interacted with the blockchain through various projects.
In June, a Japanese village turned to NFTs to support its elderly population. Popular Japanese anime “Attack on Titan” also recently announced web3 plans.
With Ishiba bullish on NFTs and blockchain, it’s to be seen whether his bullishness will have a significant impact on the sector.
