Tokyo, Tuesday, October 01, 2024-Shigeru Ishiba, Japan’s incoming Prime Minister and leader of the ruling Liberal Democratic Party (LDP), has announced plans to promote blockchain and NFTs as part of a national economic strategy.
Ishiba, formerly the Japanese Defense Minister, is set to take office next week after winning the LDP leadership race.
According to a policy document from Ishiba’s office and other reports the new Prime Minister aims to leverage blockchain technology and NFTs to enhance the value of local products such as food and tourism experiences.
Ishiba believes that by utilizing NFTs, Japan can “restore their value to global prices,” potentially benefiting regional economies.
Masaaki Taira, currently leading the LDP’s web3 taskforce, will be appointed as the new Minister of Digital Affairs.
Taira has been an outspoken advocate for NFT applications in Japanese intellectual property and has called for tax reforms to support crypto startups.
He argues that the current tax system is outdated and not equipped for modern digital asset management.
Ishiba’s announcement comes ahead of Japan’s general election, scheduled for October 27. The LDP, in office since 1955 with few interruptions, is expected to maintain its majority in the lower house.
