Japan's Web 3.0 project team head: Japan’s experimentation with stablecoins is bearing fruit

05/12 07:40

According to Forkast, speaking at the NexTech Week trade show in Tokyo on Thursday, Masaaki Taira, a lawmaker in the ruling Liberal Democratic Party and head of its Web 3.0 project team, said Japan has seen the future — and it’s blockchain. “While other jurisdictions attempt to regulate a space that is not yet fully understood, Japan already has a relatively good grasp of what it is that we’re trying to promote,” Taira said, adding that global technology companies are taking note. Japan’s experimentation with stablecoins is bearing fruit, he said, with the government advisory body he oversees investigating ways to connect public and private blockchains for greater scalability. Elsewhere, Japan’s historical soft power strengths in anime, manga and gaming lend themselves well to the Web3 space, he said, particularly in the sphere of NFTs and metaverse development — two areas full of potential value that have yet to be adequately explored, he said.

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