Japanese Prime Minister says DAOs and NFTs help support government’s 'Cool Japan' strategy

Fumio Kishida, the Prime Minister of Japan, has travel retired successful enactment of blockchain arsenic a imaginable solution for technological issues facing the country.

In effect to questioning from Liberal Democratic Party subordinate Masaaki Taira earlier the Budget Committee of Japan’s House of Representatives connected Feb. 1, Kishida said determination were “various possibilities for utilizing Web3” successful Japan. He added that the Japanese authorities could usage aspects including nonfungible tokens (NFTs) and decentralized autonomous organizations (DAOs) successful efforts to revitalize regions and beforehand ‘Cool Japan’ — a nationalist strategy aimed astatine showing disconnected the country’s innovations and civilization to the remainder of the world.

“If you see DAOs, radical who are funny successful the aforesaid societal issues tin signifier a caller community,” said Kishida. “NFTs tin besides beryllium utilized to diversify the income of creators and support highly loyal fans.”

Prime Minister Fumio Kishida addressing the Budget Committee connected Feb. 1. Source: YouTube 

Taira chairs the government’s task unit connected Web3 policy. He pointed to coordination with taxation authorities successful Japan arsenic good arsenic probe into releasing a integer yen — the country’s cardinal slope announced successful November it planned to commencement a aviator program for a integer currency starting successful outpouring 2023.

“I deliberation that these types of blockchain exertion and exertion utilizing Web3 are effectual successful solving the assorted problems we have,” said Taira.

Since taking bureau successful October 2021, Kishida has occasionally spoken connected the Japanese government’s intentions of investing successful Web3 services arsenic portion of the country’s integer transformation. In September, his furniture allowed the issuance of NFTs arsenic a reward for determination authorities utilizing integer exertion to lick problems.

Related: Japanese premier curate says gov't concern successful integer translation volition see Metaverse, NFTs

The lawman director-general of Financial Services Agency’s Strategy Development and Management Bureau of Japan has called for much stringent rules connected crypto akin to those of banks. Amid the crypto marketplace downtown, exchanges including Coinbase and Kraken person shuttered operations successful Japan, portion the section subsidiary of bankrupt steadfast FTX has until March 9 to suspend business.