Japanese Prime Minister Fumio Kishida said that DAOs and NFTs can support Japan’s ‘Cool Japan’ national strategy. Kishida was addressing the Budget Committee in Japan’s House of Representatives on February 1 when he made these remarks. Also, he believes blockchain technology can offer solutions to most of the technological issues facing the country.

Answering questions from Masaaki Taira, the prime minister notes that there are various possibilities for using Web3 in Japan. For example, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) could be useful for revitalising the country’s economy. Furthermore, the Japanese government wants to promote the “Cool Japan” national strategy, aimed at showing off the nation’s innovations and culture to the rest of the world.

“If you consider DAOs, people who are interested in the same social issues can form a new community. Also, NFTs can be used to diversify the income of creators and maintain highly loyal fans.”

It’s a sentiment shared by Taira, who chairs the government’s task force on Web3 policy.

“I think that these types of blockchain technology and technology using Web3 are effective in solving the various problems we have.”

Kishida has been the prime minister of Japan since October 2021. Throughout his tenure, he has been a strong advocate for Web3 technology. On numerous times, Kishida has expressed the government’s intentions to invest in Web3 services as part of the nation’s digital transformation. So far, there have been a few initiatives that have kicked off.

Last September, the cabinet allowed the issuance of NFTs as a reward for regional authorities using digital technology to solve problems.

Japan has been at the forefront of embracing Web3 technology. Last November, the nation’s central bank announced that it was planning to start a pilot program for a digital currency this spring.

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