Shigeru Ishiba, the newly elected chief of Japan’s ruling Liberal Democratic Social gathering, has introduced new insurance policies supporting blockchain and non-fungible token (NFT) applied sciences.
In accordance with an official coverage doc from Ishiba’s workplace and a report by the Japanese media outlet CoinPost, Ishiba believes that blockchain and NFTs may play a key function in boosting Japan’s financial system, significantly in regional areas.
The doc outlines conventional financial measures, comparable to providing incentives for companies to develop into regional areas and refining native content material.
Nonetheless, a bit titled “Regional Revitalization 2.0” additionally proposes utilizing blockchain and NFTs to remodel regional analog values — like native meals and tourism experiences — into belongings with world enchantment.
Moreover, the doc mentions plans to create “zero digital divide” areas and develop “Digital Regional Cultural Cities” as a part of a broader digitization technique geared toward revitalizing native economies by way of know-how.
This isn’t the primary time Japan has proven curiosity in rising applied sciences. In 2022, then-Prime Minister Fumio Kishida, who Ishiba has now succeeded, introduced the nation’s intention to put money into NFTs and the metaverse as a part of Japan’s digital transformation efforts.
Addressing regional economies and depopulation in native areas has been a long-standing subject in Japan. New applied sciences like blockchain and NFTs are actually being explored as instruments to fight these challenges.
In recent times, a number of personal sector initiatives have aligned with these authorities plans.
As an illustration, in February, Japan Airways collaborated with promoting company Hakuhodo to develop NFT purposes geared toward changing native experiences into digital belongings. This challenge was meant to spice up regional tourism and strengthen customer engagement.
In one other instance, the village of Yamakoshi launched the “Neo-Yamakoshi Village” challenge in June. This initiative utilized NFTs and the metaverse to fight depopulation, protect cultural heritage, and have interaction world supporters.
A number of main Japanese corporations have already embraced Web3 applied sciences. The messaging app LINE and on-line retailer Rakuten have each launched NFT marketplaces. Moreover, Japan’s SMBC Group, one of many nation’s main banks, introduced a partnership with blockchain startup HashPort to discover NFT and Web3 initiatives.
