Shigeru Ishiba, the newly elected head of Japan’s ruling Liberal Democratic Party and the country’s next Prime Minister, has revealed pro-blockchain and NFT policies. He plans to appoint Masaaki Taira, the LDP’s current web3 taskforce chief, as the government’s new Minister of Digital Affairs. Ishiba believes that blockchain technology and NFTs can help boost regional economies by maximizing the value of analog local products such as food and tourism experiences. This aligns with calls from crypto industry groups to use NFTs and decentralized autonomous organizations (DAOs) to bolster rural economies. Taira has also expressed plans to use NFTs to increase the international popularity of Japanese intellectual property assets and suggested that Japan’s tax system needs reform to support crypto startups.
Ishiba is set to become Prime Minister next week after winning the LDP leadership election. He has announced his intention to hold a general election on October 27, with the LDP having been in power in Japan for the majority of the time since 1955. Most observers anticipate that the LDP will retain its overall majority in the Japanese lower house following the election. Ishiba’s policy document also focuses on promoting regions with zero digital divides by enhancing internet resources and digitalization efforts. He aims to correct the over-concentration of businesses in Tokyo and maximize the potential of regional areas by incentivizing startups to relocate.
The use of blockchain technology, NFTs, and other emerging technologies is seen by Ishiba as essential for enhancing the global competitiveness of local products and experiences in Japan’s regional economies. Taira, who is expected to be appointed as the Minister of Digital Affairs, supports the use of NFTs to elevate the international appeal of Japanese intellectual property assets. He also advocates for tax reform to better support crypto startups, highlighting issues with the current system that hinder startup companies from issuing tokens that are not as well-known as Bitcoin. Efforts to reform the tax system could result in improved auditing processes for crypto startups and better support for their operations.
The implementation of blockchain technology and NFTs in Japan’s economy comes at a time when the government is seeking to leverage these technologies to drive economic growth and support the development of regional areas. Ishiba’s policies aim to revitalize local products by restoring their value to global prices through blockchain and NFT solutions. By incentivizing startups to relocate to regional areas and promoting digitalization efforts, the government hopes to bridge the digital divide and create a more balanced business environment across Japan. These initiatives align with the broader goals of utilizing emerging technologies to spur innovation and economic development in various sectors.
As Japan prepares for a general election in October, the focus on blockchain technology, NFTs, and digitalization underscores the government’s commitment to fostering a competitive and technologically advanced economy. Ishiba’s plans to promote regional development through blockchain and NFT initiatives, coupled with Taira’s proposals for tax reform to support crypto startups, highlight a shift towards embracing digital innovation in Japan’s policy agenda. The upcoming election will provide an opportunity for voters to weigh in on these policy directions, which could shape the country’s economic landscape and technological prowess in the years to come.
