Japan’s new Prime Minister promotes blockchain and NFTs

Shigeru Ishiba, who is set to become Japan’s Prime Minister next week, has announced his commitment to pro-blockchain and NFT policies. As the newly elected head of the ruling Liberal Democratic Party (LDP), Ishiba plans to appoint Masaaki Taira, the current head of the LDP’s web3 taskforce, as the new Minister of Digital Affairs. This strategic move aims to leverage blockchain technology to enhance regional economies by adding value to local products, particularly in the realms of food and tourism.

In his policy document, Ishiba emphasised the potential of NFTs and blockchain to restore local products’ value to global prices, aligning with calls from crypto industry groups to bolster rural economies. Taira has also expressed intentions to improve the global appeal of Japanese intellectual property through NFTs and highlighted the need to reform Japan’s tax system to support crypto startups. He noted that the current system is outdated and hinders the proper auditing of less prominent tokens.

As Ishiba prepares for a general election on 27th October, he aims to address digital divides across regions and promote internet resource development to maximise the potential of rural areas. With the LDP’s long-standing influence in Japanese politics, many anticipate that these policies will pave the way for a more digital-savvy nation.