Japan PM: DAOs and NFTs Boost “Cool Japan” Strategy

Japan PM: DAOs and NFTs Boost "Cool Japan" Strategy

Japanese Prime Minister Fumio Kishida expressed support for blockchain technology and its potential to address the technological challenges facing Japan. During a meeting of the Budget Committee of Japan’s House of Representatives, Kishida stated that the government could utilize aspects such as decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) as part of its “Cool Japan” strategy, aimed at promoting the country’s innovations and culture globally. Chair of the government’s Web3 policy task force, Masaaki Taira, also spoke in favor of the technology, mentioning coordination with tax authorities and research into a digital yen. Kishida has previously spoken of the government’s intentions to invest in Web3 services, allowing NFT rewards for regional authorities using digital technology. Despite calls for more stringent crypto regulations, some exchanges have closed operations in Japan while the local subsidiary of FTX has until March 9 to cease business.

What is “Cool Japan” Strategy?

“Cool Japan” is a national strategy aimed at promoting Japan’s innovations and culture to the rest of the world. The objective is to showcase Japan as a creative and stylish country, thereby boosting its soft power and global reputation. The strategy covers a wide range of areas, including anime, fashion, food, and technology, and aims to promote Japan as a hub for cutting-edge cultural content and a destination for tourism.