How Shigeru Ishiba Will Help Japan’s Blockchain, Web3 and NFT Industry to Flourish

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How Shigeru Ishiba Will Help Japan’s Blockchain, Web3 and NFT Industry to Flourish – Crypto News

Published

1 year ago

October 1, 2024

Dripp

Japan’s new Prime Minister Shigeru Ishiba has been in the limelight for his opinion on continuing with rate hikes moving ahead. However, local Japanese media also reports that Ishiba is positive on blockchain and non-fungible tokens (NFTs) and believes that they can help boost the regional economies.

Shigeru Ishiba Bullish on Blockchain and NFTs

Japan’s New Prime Minister Shigeru Ishiba revealed his bullishness for Blockchain and NFTs in the official documents signed by Ishiba’s office. This policy aligns with several previous calls from crypto advocacy groups.

These groups had proposed the use of decentralized autonomous organizations (DAOs) as well as the use of NFTs in order to boost rural economies. As part of its “Regional Revitalization 2.0.” strategy, the Japanese government continues to aim to “correct the over-concentration of business in Tokyo and maximize the potential of regional areas”. Shigeru Ishiba noted:

“Utilizing blockchain technology, NFTs, etc., we will revalue and maximize the value of various analog aspects of local areas, such as food and tourism experiences, in global prices”.

Additionally, Ishiba will also appoint Masaaki Taira, the current chief of LDP’s Web3 task force as his government’s new minister of Digital Affairs. He proposed a plan to connect diverse experiences and Japanese intellectual property (IP) to non-fungible tokens (NFTs), making them accessible worldwide.

Taira also proposed measures to boost crypto startups by reforming Japan’s tax system. While speaking at a recent Web 3.0 conference, he said: “When [Japanese] startup companies hold and issue tokens that are not as [well-known] as Bitcoin, accounting firms cannot conduct proper audits. This remains a problem.”

Japan Prime Minister’s Take on Financial Policies

Previous market reports suggest that Shigeru Ishiba will continue with the Bank of Japan’s current policy of increasing interest rates. Furthermore, the business mood in Japan remains robust enough to support this mood.

The sentiment index for the country’s largest manufacturers remained unchanged at 13 in September, as reported in the BOJ’s quarterly Tankan survey on Tuesday. Meanwhile, the index for major non-manufacturers rose to 34. Economists had predicted a decline to 12 for manufacturers and 32 for the service sector.

Courtesy: Bloomberg

The BOJ board members will announce the next policy decision on October 31. But the Bloomberg report suggests that some factors like elections in the US and Japan will keep the BOJ rate hike on hold. Atsushi Takeda, chief economist at Itochu Research Institute said:

“Today’s Tankan report confirmed a recovery in demand, which is the starting point of a virtuous cycle. Businesses maintained their price outlook, indicating that there are no obstacles for the BOJ to raise interest rates at this point.”