Japan’s New Prime Minister Sets Bold Pro-Blockchain and NFT Agenda

Japan’s next Prime Minister, Shigeru Ishiba, has announced plans to promote blockchain and NFT technologies as part of his policy agenda. Ishiba, the newly elected head of the Liberal Democratic Party (LDP), plans to appoint Masaki Taira, the current Web3 task force chief, as the new Minister of Digital Affairs.

According to an official document from Ishiba’s office, Ishiba believes blockchain and NFTs can drive regional economic growth by increasing the value of local products, such as food and tourism experiences. His vision aligns with calls from the crypto industry to use NFTs and decentralized autonomous organizations (DAOs) to boost rural economies.

As reported by Crypto News, the statement read, “Using blockchain technology, NFTs, and more, we will look to maximize the value of a multitude of analog local products, such as food and tourism experiences. We will do this by restoring their value to global prices.”

Taira has previously discussed using NFTs to promote Japan’s intellectual property assets globally and has called for tax reforms to support crypto startups, saying that Japan’s tax system is not well-suited for modern startups. He also explained the challenges in auditing crypto startups due to inadequate systems for handling tokens other than Bitcoin.

Ishiba has already scheduled a general election for October 27, with expectations that the LDP will retain its majority in the lower house. His policy document also addresses reducing the digital divide across Japan by enhancing internet infrastructure and promoting digitalization. Additionally, Ishiba aims to decentralize businesses currently concentrated in Tokyo by encouraging regional startups.