Japan’s PM Kishida: Web3 is the New Face of Capitalism

• Japan’s Prime Minister, Fumio Kishida, has expressed his views on Web3, hinting at its potential to revolutionize the traditional internet environment and bring about social change.
• Kishida has pledged continued support for the introduction and advancement of Web3 under their “new capitalism” policy, viewing it as a new form of capitalism that can stimulate economic growth, foster innovation, and solve social problems.
• Furthermore, Kishida hopes that the conference will pave the way for major Japanese companies to create valuable economic zones within the metaverse.

Japan’s Prime Minister Embraces Web3

During a conference in Tokyo, Japan’s Prime Minister, Fumio Kishida, shared his thoughts on Web3. He suggested that this emerging technology could disrupt the current internet landscape and instigate significant social change.

Web3: A New Form of Capitalism

Under the umbrella of their “new capitalism” policy, Kishida’s government has pledged to continue supporting the development and introduction of Web3. The Prime Minister sees this technology as a new variant of capitalism that can stimulate economic growth, foster innovation, and address social issues.

Creating Economic Zones in the Metaverse

Kishida also touched on the topic of the metaverse. He expressed hope that the conference would set the stage for major Japanese corporations to establish valuable economic zones within this virtual reality space.

Koichi Hagiuda, the policy research chairman of Kishida’s Liberal Democratic Party, also spoke at the conference. He announced that Japan has completed the regulatory process for Web3 and cryptocurrencies. “We have begun to advance in emerging technologies like Web3. We have almost entirely regulated the cryptocurrency markets,” he said.

It’s worth noting that the ruling party in Japan had also formed a working group named the Web3 project team in January 2022.