Japan Prime Minister Fumio Kishida has announced NFTs and Metaverse as one of the pillars of Japan's economic revitalization.
During a speech delivered during the Japanese diet day on October 3rd, Kishida listed some measures the government is taking to ensure the redevelopment of the economy.
He mentioned that the government was shifting its focus to new technological developments and wanted to promote the use of new technology initiatives in Japanese society.
During his speech, he mentioned NFTs and metaverse as one of the central focuses of economic redevelopment. He stressed that the government was ready to invest heavily into the digital transformation of Japan through mediums like the metaverse.
"We will focus on supporting the social implementation of digital technology. We will also promote efforts to expand the use of Web 3.0 services that utilizes metaverse and NFTs," Kishida said in his public policy speech.
The Prime Minister also said that the government was poised to work on other parts of technological development that will facilitate the use of NFTs and the metaverse.
According to what he said, the Japanese government wanted to promote cutting-edge technological development and the mass production of technological devices.
Regulatory reforms will be made to accommodate the new investments and expansion that Japan would be making on NFTs and metaverse.
The Prime Minister released a statement saying that some already standing regulations on technologies such as that would be amended.
"We will work on regulatory reform. In two years, we will eliminate analog regulations, create more industries, eliminate labor shortages, improve productivity, and increase incomes," he said.
Outlook of Japan's Web 3.0 Future
The Prime Minister of Japan has been making constant efforts to ensure that Web3 is at the forefront of economic development in the country.
The recent speech he made is just a more general approach to the efforts he has been making in the past to ensure that NFTs and the metaverse are part of the economy.
In April 2022, the government led by the Prime Minister published an NFT White Paper outlining Japan's pathway to adopting Web3 services. From reliable sources, the document also contained policy recommendations that will protect users of Web3.
A Web3 Promotion Office was launched in July 2022 by the administration of Kishida and the Ministry of Economy to integrate Web3 services as part of the pillars of the economy.
The primary function of the newly created office was to help the government collect data that would be useful when integrating Web3 into society.
Last month, the Japanese government also awarded some NFTs to a group of local mayors to promote the technology among the locals.