On Tuesday, 7th of June, the Japanese government approved the Basic Policy on Economic and Fiscal Management and Reform. The policy aims at promoting blockchain adoption in the nation. The current policy will allow citizens to own their data and promote a more decentralized ecosystem for internet users nationwide.
The country also has plans to promote its fintech sector by creating a framework for crowdfunding using security tokens. This move will also ease the evaluation of digital assets standards.
At the moment, the government is working to improve its 2022 bill. New policies will be developed in the coming year to foster Web3 adoption in the country.
Commenting on the new policy, Prime Minister Fumio Kishida said:
“We are confident that incorporating new digital services such as metaverse and NFT will realize Japan’s economic growth. As we enter the Web3 era, I strongly feel that we must firmly promote the environment from a political standpoint.”
Japan & China say Yes to Blockchain Innovations.
The Japanese have shown a keen interest in blockchain and digital assets in the last few months. Six months ago, leading firms in Japan teamed up to form a metaverse association to help the country become a frontrunner in the digital world. Like China, Japan is speedily following blockchain trends.
China is widely known for its interest in technology, and blockchain technology has been implemented in several sectors of the Chinese economy. Currently, the Chinese use blockchain in medicine, the supply chain, the energy sector, and finance.
China is one of the leading nations to have developed a Central Bank Digital Currency (CBDC) based on blockchain. Notably, while the nation stands with blockchain-based innovations, the Chinese government frowns against cryptocurrencies and energy-intensive mining. On the other hand, the Japanese government is in support of blockchain innovations, as well as for cryptocurrencies, NFTs, and decentralized organizations.
