• Japan is embracing the crypto and Web3 industry to regain its economic prowess.
• The Japanese government has approved a white paper discussing the implementation of several future-ready technologies into existing frameworks.
• The Bank of Japan (BOJ) is set to move ahead with a pilot program for a digital currency.
Japan’s Economic Struggle
Since the early ’90s, Japan has been struggling with economic stagnation. By failing to produce its own Meta, Google, Amazon, and Alibaba, it missed out on the Web2 revolution and is now looking to embrace the burgeoning crypto and Web3 industry as a means of regaining its economic prowess.
Government’s Crypto Ambition
The Japanese government has recognized this potential and made Web3 a major part of its national strategy. In September 2022, it published an approved white paper discussing the implementation of blockchain, CBDCs, etc., into existing governance and technological frameworks. As a result, many reputable companies have expressed interest in decentralized offerings. Moving forward, decision-makers view Web3 as an opportunity for Japanese companies to stand at the forefront of the global economy.
Creator Knowledge Gap
However, there is still a knowledge gap preventing creators from deploying their creations on the blockchain — particularly manga, anime, and computer games — through NFTs. Sota Watanabe recently commented: “A lot of digital creators would like to work on Web3 but don’t know how.”
Digital Yen Initiative
In March 2021, the Japanese government announced that it is forming a panel to examine the advantages of introducing a digital Yen currency — piloted by BOJ — which further demonstrates its commitment to this revolution.
By recognizing and implementing cutting-edge technologies such as blockchain and CBDCs into existing frameworks under its new national strategy for Web3 solutions, Japan aims to become competitive internationally while also counteracting any effects from its aging population domestically through investments in software platforms that can expand its economic influence outside of the country.