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Japanese Prime Minister Fumio Kishida said that DAOs and NFTs can support Japan\u2019s \u2018Cool Japan\u2019 national strategy<\/a>. Kishida was addressing the Budget Committee in Japan\u2019s House of Representatives on February 1 when he made these remarks. Also, he believes blockchain technology can offer solutions to most of the technological issues facing the country.<\/p>\n Answering questions<\/a> from Masaaki Taira, the prime minister notes that there are various possibilities for using Web3 in Japan. For example, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) could be useful for revitalising the country\u2019s economy. Furthermore, the Japanese government wants to promote the \u201cCool Japan\u201d<\/em> national strategy, aimed at showing off the nation\u2019s innovations and culture to the rest of the world.<\/p>\n \u201cIf you consider DAOs, people who are interested in the same social issues can form a new community. Also, NFTs can be used to diversify the income of creators and maintain highly loyal fans.\u201d<\/em><\/p>\n It\u2019s a sentiment shared by Taira, who chairs the government\u2019s task force on Web3<\/a> policy.<\/p>\n \u201cI think that these types of blockchain technology and technology using Web3 are effective in solving the various problems we have.\u201d<\/em><\/p>\n Kishida has been the prime minister of Japan since October 2021. Throughout his tenure, he has been a strong advocate for Web3 technology. On numerous times, Kishida has expressed the government\u2019s intentions to invest in Web3 services as part of the nation\u2019s digital transformation. So far, there have been a few initiatives that have kicked off<\/a>.<\/p>\n Last September, the cabinet allowed the issuance of NFTs as a reward for regional authorities using digital technology to solve problems.<\/p>\n Japan has been at the forefront of embracing Web3 technology. Last November, the nation\u2019s central bank announced that it was planning to start a pilot program for a digital currency this spring.<\/p>\n<\/div>\nThe Japanese Prime Minister Is A Big Fan of Web3 Technology<\/h2>\n