Prime Minister Kishida pledges to expand use of Web3

Japanese Prime Minister Fumio Kishida has pledged to expand the use of Web3 technologies, including NFTs and the metaverse, during his latest policy speech to parliament. 

Delivering his speech to an extraordinary parliament session on October 3, Kishida listed three areas as his priority, including addressing high prices and a weak yen, wage increases, and investment and reform to boost growth. 

In the area of investment and reform, he said his government would accelerate public and private investment in digital transformation, science, technology, innovation as well as start-ups in order to make these sectors new growth engines for Japan. In particular, he said “efforts will be made to expand the use of Web3 services utilizing the metaverse and NFTs.”

The speech – the fourth Kishida has made in parliament – came one day ahead of the anniversary of him becoming prime minister. Kishida said he would put together a package of measures to address current economic issues and strengthen Japan’s economy.

Earlier this summer, the Cabinet Secretariat sponsored the “Summer Digi Den Koshien” competition, in which local governments were invited to use digital technology to revitalize local communities. The competition was designed to raise public interest in the “Digital Rural City National Concept,” the centerpiece of Kishida’s policy, as well as to address regional problems and enhance local communities. 

On these initiatives, Kishida said, “In order to further promote digital transformation, we will dramatically improve the convenience of the ‘My Number’ card by integrating it with the health insurance card, accelerate efforts to extend it to all citizens, and intensively support the social implementation of digital technology.”

In July, the Ministry of Economy, Trade and Industry established the “Web 3.0 Policy Promotion Office” in the Minister’s Secretariat to examine the potentials and risks of the Web3 trend. On September 30, the Digital Agency announced the establishment of a “Web 3.0 Study Group” to study the promotion of Web3.