Japanese Prime Minister Fumio Kishida expressed his support for integrating blockchain and Web3 into government, as well as to address the country’s cultural and technological challenges.

During a meeting of the Budget Committee of the House of Representatives of Japan, Prime Minister Fumio Kishida (Fumio Kishida) made a speech and said that the Japanese government has “every opportunity to use Web3 technologies” to solve cultural and technological problems.

He emphasized that the use of Decentralized Autonomous Organizations (DAOs) and Non-Fungible Tokens (NFTs) can help the government revitalize local regions and support the state initiative “Cool Japan”, the purpose of which is to demonstrate to the whole world the cultural and technological innovations of Japan.

“If we consider the DAO, then people interested in the same social problems can form a new community. At the same time, NFTs can be used to diversify the income of DAO creators and maintain community loyalty,” Kishida said.

Earlier in his speech to parliamentarians, Kishida said that the Japanese government plans to encourage the digitalization of prefectures. In his opinion, the use of Web3 tools, including the metaverse, DAO and NFT, will help speed up the work of municipal institutions.

In October 2022, the Japanese national payment system JCB announced the start of work on a new retail product – a bank card that supports payments in the digital yen.