FX.co ★ Japan turns to blockchain and NFTs as tool to power economic growth

Japan has taken a fresh look at blockchain and non-fungible tokens, recognizing the unparalleled opportunities these innovations present.

Last week, Shigeru Ishiba, Japan's new prime minister and head of the ruling Liberal Democratic Party, unveiled a government policy aimed at supporting NFTs and the broad application of blockchain technology.

According to Ishiba, the Japanese government intends to harness the advantages of blockchain and NFTs such as their ability to create transparent, secure, and decentralized ecosystems. The newly appointed prime minister believes these innovations could significantly benefit Japan’s economy. "Using blockchain technology, NFTs, and more, we will look to maximize the value of a multitude of analog local products, such as food and tourism experiences," Ishiba said, adding that this could help the country reach world-class levels in these areas. He also highlighted blockchain’s ability to offer a reliable platform for verifying the origin and authenticity of goods, ensuring that consumers can track the entire production process, from raw materials to the final product.

The Japanese government is optimistic that integrating NFTs with the tourism and leisure industry will open new avenues for promoting local attractions. Some tourists may even receive rewards in the form of unique tokens or discounts on future trips, the prime minister suggested.

Earlier, JAN3 CEO Samson Mow encouraged the Japanese government to purchase BTC tokens, which could be used to help stabilize the national economy.