Web3 to Transform the Internet, According to Japan’s Prime Minister
Japan's Prime Minister, Fumio Kishida, expressed enthusiasm for web3's potential to revolutionize the conventional internet structure and drive social progress during his address at the WebX web3 conference in Tokyo.
He conveyed the government’s commitment to foster an environment conducive to web3’s advancement as a vital aspect of their “new capitalism” economic policy. This policy aims to tackle societal challenges by promoting growth and innovation, according to CoinPost.
Kishida emphasized the significance of web3 in the context of this new form of capitalism, hoping that the conference would serve as a platform for major Japanese corporations to unveil substantial projects focused on creating valuable economic zones within the metaverse.
At the event’s opening, Koichi Hagiuda, chair of the ruling Liberal Democratic Party’s policy research council, highlighted Japan’s advantage in emerging technologies like web3 due to proactive cryptocurrency market regulations.
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He also stressed the importance of international collaboration given web3’s global nature, hinting at potential partnerships with countries like the U.S., France, and Singapore.
Japan’s interest in web3 gained momentum when the LDP’s digital society promotion headquarters established the “web3 project team” in January 2022.
The team considers web3 the new frontier of the digital economy and has recommended its development as an integral part of Kishida’s “new capitalism” policy, as reported by CoinPost.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
