Japan’s PM Calls Web3 a Pivotal Component of ‘New Capitalism’

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Key takeaways:

  • The Japanese Prime Minister stated that the government is actively enhancing and promoting Web3, aligning with his administration’s larger vision of a “new capitalism.”
  • Kishida explained how Web3 could upend the established Internet structure, encourage societal change, and drive new initiatives.

According to Japanese Prime Minister Fumio Kishida, the government is actively trying to improve and promote Web3, showing Japan’s commitment to technology and harmonizing with his administration’s more significant concept of “new capitalism.”

According to a report by CoinPost, on July 25, during the WebX Asia conference, Prime Minister Kishida provided commentary on the revolutionary potential of Web3 through a video message.

In a video address during the conference, Kishida stated that “Web3 is a part of the new form of capitalism.” On the other hand, he makes this assertion while Japan has steadily embraced this industry in recent months.

Kishida explained how Web3 could upend the established Internet structure, encourage societal change, and drive new initiatives. Kishida reflected on his positive outlook and said:

“I hope that the Web3 industry will regain its attention and vitality and that various new projects will be born.”

Koichi Hagiuda, the head of the Policy Research Council of the Liberal Democratic Party, began the WebX Asia conference before Prime Minister Kishida and declared his unwavering support for Web3-focused enterprises.

Hagiuda emphasized the importance of two significant projects managed by the Ministry of Economy, Trade, and Industry in his statement while also highlighting the potential of Web3 on a worldwide scale. According to a report from CoinPost, the goals of both initiatives, “Start Next Innovator” and “J-StarX,” are to inspire Japanese businesspeople and students to collaborate with innovation hubs throughout the world, including those in the US, France, and Singapore.

Hagiuda added that Japan has already established a strict regulatory framework to protect people. Hagiuda appreciated the efforts made in concert by the public and business sectors to advance Web3 and emphasized the significance of expanding this network to include foreign organizations.

The strong support given to Web3 by the Japanese government at the WebX conference demonstrates a promising future for the digital economy and reaffirms the country’s commitment to continuing to lead the world in technical innovation.

Kishida also shed light on the nation’s policy efforts to realize its revolutionary potential. Specifically, mentioning that the government is creating a setting to support Web3 promotion. 

The CEO of Binance, Changpeng Zhao, has already stated that the company plans to launch there the following month. In addition, there have been rumors that the nation wants to create its own stablecoin. These all attest to the nation’s ongoing Web3 and cryptocurrency development adoption. 

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