Japanese Prime Minister Reveals DAOs and NFTs Facilitate Government Strategies

Japan's Prime Minister, Fumio Kishida, has endorsed blockchain as a viable answer to the country's technology problems.

Feb 4, 2023
by Michael
Japanese Prime Minister Reveals DAOs and NFTs Facilitate Government Strategies
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Roles of DAOs and NFTs in Japan's National Strategies 

Masaaki Taira of the Liberal Democratic Party questioned Kishida in front of the Budget Committee of the Japanese House of Representatives on February 1 and Kishida said that there were "different possibilities for implementing Web3" in Japan. He went on to say that the Japanese government could use nonfungible tokens (NFTs) and decentralized autonomous organizations (DAOs) to revitalize regions and promote "Cool Japan" — a national strategy aimed at showcasing the country's innovations and culture to the rest of the world.

People who are interested in the same social topics, according to Kishida, can form a new community on DAOs. NFTs can also be used to diversify creators' income and retain devoted fans.

Blockchain Technology and Japan's Digital Currency 

On Wednesday, Feb. 1, Taira, the chairman of the government's task force on Web3 policy, emphasized the significance of Blockchain Technology in tax authorities as well as research into the release of a digital yen. He declared, "I believe that these Web3 and blockchain-based technologies are efficient in resolving the numerous issues we face."

The country's central bank declared in November that it intends to launch a digital currency trial program in spring 2023. Kishida has remarked on the Japanese government's ambitions to invest in Web3 services as part of the country's digital transformation on a few occasions since taking office in October 2021. In September, his cabinet approved the issuance of NFTs as a prize for regional governments that use digital technology to solve problems.

The deputy director-general of Japan's Financial Services Agency's Strategy Development and Management Bureau has urged for more stringent crypto regulations similar to those used by banks.

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