Japanese PM Says Country Will Invest in Metaverse and NFTs

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  • Japanese Prime Minister Fumio Kishida has said that Japan is planning to pivot towards Web 3.0
  • The country’s digital solutions plan now includes investing in the metaverse and NFTs
  • Its plans will see it cooperate with the U.S. in such ventures

Japan has announced plans to fund activities involving NFTs, the metaverse and Web 3.0 as a whole. According to the country’s prime minister Fumio Kishida, Japan will achieve its target by joining hands with the U.S., also investing in reforming the technology sector in general as part of the program.

Kashida Has an Appetite for the Virtual World

According to Kishida, Japan’s plans include transferring NFT ownership to local authorities who have interacted with the virtual world previously when dealing with issues within their jurisdiction. Japan’s ID cards will also be converted into digital form, potentially ending the need for physical forms of identification in the country.

Although the country is looking at Web 3.0 in general, it will focus more on NFTs and the metaverse. This is because it believes the two can boost the uptake of services.

The Japanese prime minister is on record saying that the country’s economy would receive a boost from Web 3.0 based products, showing a clear appreciation of the potential for the next evolution of the internet.

Heavy Tax on Crypto Gains Remains in Place

Japan’s adoption of cryptocurrency can be seen with the increase in crypto ATMs since Kishida took office, while in June the country agreed to increase its presence in the virtual world, including cryptocurrencies, NFTs, DAOs and the metaverse. Apart from boosting its economy, Japan’s investments in the blockchain space are meant to enable its citizens to interact with data stored on distributed virtual platforms. Last year, crypto exchanges in the country handled over 900 billion USD worth of transactions.

Despite its noble plan to boost crypto adoption, anyone profiting from trading cryptocurrencies still faces hefty taxation of up to 45 percent on their gains, which is some of the highest rates in the world.