The Prime Minister of Japan, Fumio Kishida, emphasized the crucial role of Web3 and blockchain in addressing the country’s societal concerns at the WebX conference hosted by Japanese Web3 media firm CoinPost at The Prince Park Tower on Wednesday.

The WebX 2024 is an annual event to discuss the latest innovations and advancements by experts and innovators. In this year’s event, Kishida, who will hand over the reins as Prime Minister in September, showed his support for the Web3 and blockchain space through a video address that kicked off the ceremony.

The Japanese Prime Minister referenced his administration’s ‘New Capitalism’ policy, an agenda designed to revitalize the nation’s economy through innovative measures, targeted investments in technology, and a focus on resolving pressing societal issues. 

He emphasized the pivotal role that Web3 and blockchain will play in achieving these objectives, highlighting their capacity to stimulate economic development, address social issues, and promote sustainable progress.

Fumio Kishida Highlights Roadmap for Web3 and Digital Payment Advancement

Prime Minister Kishida announced that going forward, Japan’s future policies will prioritize creating a favorable ecosystem for the adoption of Web3 tokens. In addition, the government intends to simplify payment systems and revitalize the content industry.

He acknowledged the private sector’s remarkable progress, particularly the significant strides made by leading companies in the past year.

In conclusion, Kishida expressed confidence that the Web3 and blockchain sector will continue to provide innovative solutions to societal challenges, aligning with his administration’s dedication to leveraging new technologies to address pressing social issues.

The Prime Minister has previously highlighted the role of Web3 and blockchain in mitigating Japan’s social concerns, and this latest statement reiterates his commitment to this vision. In the WebX conference held last year, Kishida also pointed out the ability of the web3 sector to promote societal transformation.

The Prime Minister’s speech aligns with the growing trend of Asian countries spearheading the adoption and development of Web3 and blockchain technology. In a recent report, the Asian Infrastructure Investment Bank (AIIB) successfully issued its inaugural blockchain-backed bond, securing $300 million in funding.

Citigroup Inc. and BMO Capital Markets enabled the bond issuance, which utilized Euroclear’s innovative Digital Financial Market Infrastructure (D-FMI), a blockchain-based platform designed to enhance efficiency and transparency in bond issuance and settlement.