Japan reaffirm Web3 plans

[Liliana1304]

In a webX conference held in Tokyo, Japan, the PM, Fumio Kishida reaffirmed the country's desire to foster the Web3 industry, stating his plan to transform the internet and bring about social change.

In early April of 2023, Japan's ruling party's web3.0 project team published a white paper that highlighted the government's appetite to participate in the Web3 world.
Well it looks like Japan is more interested in embracing Web3 in the hopes to compete with China economically.
Also, Japan became the first country to recognize and accept Bitcoin as a legal mode of payment in 2017 and has created a friendly environment, making it one of the leaders in exploring the use cases of the Blockchain technology, so this could also help in moving

In light of this, Binance have offered to open up it's services to crypto users in Japan under the local exchange platform, Sakura Exchange Bitcoin which was acquired by the company in 2022.
Changpeng CZ Zhao praised Japan's innovation friendly approach to the sector, labelling the country as a leader in the Web3 regulatory environment.

This approach of the Japanese is quite a surprise, considering they are a nation who have had a frustratingly, over cautious step to financial development.
What do you guys make of this?

https://cointelegraph.com/news/binance-web3-japan-to-promote-web3-as-binance-announces-imminent-launch

[icalical]

I don't know about Japan but from where I came from, most politician use all those tech jargon only to get some vote. Web3.0, AI, etc. They say all those things without knowing anything about the tech, then initialize a dodgy project without clear vision about it, and end up wasting tax money to make useless product.

[sesterceshop]

Hopefully, this will influence other nations to be more open-minded and embrace decentralized technology for a transparent and inclusive digital world.

[dothebeats]

If their intent is to compete with China in the economic factor then it is a good move from Japan. Technology and the web are two sectors that heavily influences the rise of a nation and just how innovative it can get. If Japan is able to execute this properly, much like what they did with accepting Bitcoin as proper payment, then perhaps other countries that are watching Japan closely will do the same.

[retreat]

Japan seems to be aware that the development of Web3 is needed at this time to be able to advance the internet and technology industry in the country. Because we know that the presence of Web3 will advance the internet field and create an innovation which will make Japan a sophisticated country in this industry. Hopefully Japan's plan to be able to develop their Web3 industry will be welcomed by internet users there and it will trigger even more massive Web3 development globally.

[Faisal2202]

In a webX conference held in Tokyo, Japan, the PM, Fumio Kishida reaffirmed the country's desire to foster the Web3 industry, stating his plan to transform the internet and bring about social change.

In early April of 2023, Japan's ruling party's web3.0 project team published a white paper that highlighted the government's appetite to participate in the Web3 world.
Well it looks like Japan is more interested in embracing Web3 in the hopes to compete with China economically.
Also, Japan became the first country to recognize and accept Bitcoin as a legal mode of payment in 2017 and has created a friendly environment, making it one of the leaders in exploring the use cases of the Blockchain technology, so this could also help in moving

I also have read so many news in which Japan is making great progress in Metaverse and Web 3.0 by adopting it's features. Like Airline of Japan have made a marketplace for NFTs, and Japan's President also showed great interest toward adoption of WEB 3.0 and NFTs. This is a good gesture. That now we can see more adoption of BTC too. Because these projects need BTC to back them up. Or at least some amount of BTC is required for them. Other wise they might not gain so much trust.

But still, i really like the way they are growing. And the CZ is an old player in the field he will definitely find a way to lift the cases and allegation made on him and his exchange in US. and if that's happen we will see another surge in the price. Currently, this news is not of that much good for the market because market is currently correcting itself. And IMHO market might take a swing toward $40k now. And such news will only increase its potential to do that.

[Fiatless]

If their intent is to compete with China in the economic factor then it is a good move from Japan. Technology and the web are two sectors that heavily influences the rise of a nation and just how innovative it can get. If Japan is able to execute this properly, much like what they did with accepting Bitcoin as proper payment, then perhaps other countries that are watching Japan closely will do the same.

Japan seems to be making policies to attract more investors to the country. I read that Web3 promotes privacy and decentralization since it uses blockchain technology. In June Japan enacted a law that exempts some crypto firms from paying tax. The government believes that all these crypto-friendly policies will attract more entrepreneurs from the crypto industry which will lead to economic growth. The impact of Japanese Prime Minister Fumio Kishida''s was felt immediately with Binance CEO Changpeng Zhao announcing to move its services to the new Web3 platform. I am sure more companies will also take advantage of the new decentralized network.

[Yamane_Keto]

The word Web3 is being abused by some altcoins just as the word AI did.
Web3 is greater than the concept of cryptocurrencies, Web1 was in that the second party receives the information without the possibility of interacting with it, and here it appears in static internet pages, while Web2 was represented in social media, where the individual could interact with news and create content, and Web3 comes as a development of the Internet, where it enables the user to Access to more roles than just interacting with the news, but rather linking the Internet to the real world, which is something bigger than encrypted currencies or the blockchain, which is what is known as augmented virtual reality, of which cryptocurrencies may be a part, but the success of Web3 does not necessarily mean the success of some Web3 cryptocurrencies, just as the success of AI does not mean AI crypto tokens success.

[dothebeats]

If their intent is to compete with China in the economic factor then it is a good move from Japan. Technology and the web are two sectors that heavily influences the rise of a nation and just how innovative it can get. If Japan is able to execute this properly, much like what they did with accepting Bitcoin as proper payment, then perhaps other countries that are watching Japan closely will do the same.

Japan seems to be making policies to attract more investors to the country. I read that Web3 promotes privacy and decentralization since it uses blockchain technology. In June Japan enacted a law that exempts some crypto firms from paying tax. The government believes that all these crypto-friendly policies will attract more entrepreneurs from the crypto industry which will lead to economic growth. The impact of Japanese Prime Minister Fumio Kishida''s was felt immediately with Binance CEO Changpeng Zhao announcing to move its services to the new Web3 platform. I am sure more companies will also take advantage of the new decentralized network.

Well that's certainly a smart move from them. They know that more and more entrepreneurs are emerging from the crypto currency and hence Japan wants to take that opportunity. I mean, anything for economic growth, right? If it works, it works. Hopefully, however, it will not cause much negative effects in the crypto industry. Well, it all comes down to how well Japan will be able to attend to the policies they are making/planning to make. Thanks for the info by the way.

[Text]

Japan's interest in Web3 is commendable. Their innovation-friendly approach and early adoption of Bitcoin show potential for growth in the sector. Binance's involvement can further boost Japan's position as a leader in Web3 regulation. Exciting times are ahead!

The government's commitment to transforming the internet and fostering social change through Web3 is a positive move. It's a strategic step for Japan to compete with China economically and explore new opportunities in the blockchain space. Embracing this technology could lead to significant advancements in the country's financial and technological landscape.

[avikz]

It's great to see that majority of the developed nations are planning to train their next generation on how to be lazy and idle. It's good because then other hardworking countries will the earn their rightful spot into the world economy.

I seriously didn't expect this from Japan as their workforce is known for their hard work, honesty and long working hours. But with web 3 and a meaningless virtual world, the next generation will grow dumb and immobile.

Mark Zuckerberg understands that web 3 will not become popular. He slowly moved Meta out of their web3 ambition for right reasons.

[Fortify]

In a webX conference held in Tokyo, Japan, the PM, Fumio Kishida reaffirmed the country's desire to foster the Web3 industry, stating his plan to transform the internet and bring about social change.

In early April of 2023, Japan's ruling party's web3.0 project team published a white paper that highlighted the government's appetite to participate in the Web3 world.
Well it looks like Japan is more interested in embracing Web3 in the hopes to compete with China economically.
Also, Japan became the first country to recognize and accept Bitcoin as a legal mode of payment in 2017 and has created a friendly environment, making it one of the leaders in exploring the use cases of the Blockchain technology, so this could also help in moving

In light of this, Binance have offered to open up it's services to crypto users in Japan under the local exchange platform, Sakura Exchange Bitcoin which was acquired by the company in 2022.
Changpeng CZ Zhao praised Japan's innovation friendly approach to the sector, labelling the country as a leader in the Web3 regulatory environment.

This approach of the Japanese is quite a surprise, considering they are a nation who have had a frustratingly, over cautious step to financial development.
What do you guys make of this?

There is not even an exact consensus on what "web 2.0" exactly consists of right now, so mentions of web 3.0 seem like a complete gimmick. Politicians love to act like they are at the cutting edge of tech, because it makes them more relatable with younger audiences, however they often change such plans after getting elected. The fact that binance is supposedly involved could also lead to a dead end because they are being pursued by US regulators among others. Essentially it's a vote gaining exercise.

[o48o]

Sounds like buzzwords to me. There's no tech worth adopting yet so they might want to wait for it.

From the article:

The opening speech given by Koichi Hagiuda, Japan’s Liberal Democratic party’s Policy Research Council chairman, noted Japan’s efforts to establish a strict regulatory framework aimed at protecting investors that form the basis of further promotional Web3 policies.

This sounds cool and all, but after you think about it, it kinda summarizes the fact that there's no infra ready or any kind of rules for it, and they are planning to build the regulations for tech that doesn't even exist yet. Before that they probably regulate existing cryptos way harder then they used to. Which in many ways contradicts the idea behind many cryptos out there.

From the tweet:

Japanese Prime Minister Fumio Kishida addresses at #webx
“Web3 is part of the New Form of Capitalism”

This is like a selling pitch for a most generic nothing burger ever.

[el kaka22]

Japan has always been a lot more favorable towards crypto since the start. They were the one that mt.gox started, think about how old that was ago, and they were basically doing it there, and then they had plenty of card companies that accept bitcoin payment and then you can use that card in thousands of places all over the nation. These type of things matter in the end because it allows you to be a lot better and could result with you not having any issues at all.

I understand that people may end up making mistakes and that's why governments may end up making mistakes as well, so this road may have a lot of troubles and issues along the way, but when it's done it is going to be something to be proud of by the Japanese people.

[BenCodie]

Fantastic news - Of course Binance want to capitalize. I hope the traditionally cautious approach by the Japanese limit Binance from overreaching in the country.

I don't know about Japan but from where I came from, most politician use all those tech jargon only to get some vote. Web3.0, AI, etc. They say all those things without knowing anything about the tech, then initialize a dodgy project without clear vision about it, and end up wasting tax money to make useless product.

The PM of Japan is not going to come out and say his support for a niche, developing internet sector just for votes. Supporting web3 would barely make a difference especially if other, more important views/policies/plans do not align with what the people want. If he came out saying "I WILL MAKE JAPAN GREAT AGAIN", then I would definitely agree with you.

Web3 has huge capability to improve finance around the globe. Japan are wanting to get ahead of that curve, or at least stay on par with the rest. It makes sense for them (and any country for that matter) to support web3.

[Liliana1304]

I think why they are making the news is that it's something worthy of note that a country like theirs have decided to join the big markets by embracing Web3 despite the fact that global regulators are wary of crypto. And it's quite commendable an act because prior to now, they've been somewhat cautious about testing out new ways for financial improvement since they won't like to risk a failure to succeed.

Every country is quite ambitious about their economy, but with a country like Japan that has had problems in the area of supply chain, rising labour costs and political issues, it will be quite difficult to compete with China. At least they'd first have to independent of them for manufacturing investments, right?

[AmoreJaz]

I think why they are making the news is that it's something worthy of note that a country like theirs have decided to join the big markets by embracing Web3 despite the fact that global regulators are wary of crypto. And it's quite commendable an act because prior to now, they've been somewhat cautious about testing out new ways for financial improvement since they won't like to risk a failure to succeed.

Every country is quite ambitious about their economy, but with a country like Japan that has had problems in the area of supply chain, rising labour costs and political issues, it will be quite difficult to compete with China. At least they'd first have to independent of them for manufacturing investments, right?

it is no surprise for me on the other hand. japan is more open when it comes to technological advancement. so there's no doubt for me if they are the first country to try their hands on web3 exploration.
as Kishida said, this move is supporting his economic policy to drive growth and wealth distribution among its people. now, we need more government leaders like him. because in reality, a lot of these politicians just wanted to get rich on their own and have their bank accounts full.

[hatshepsut93]

I don't know about Japan but from where I came from, most politician use all those tech jargon only to get some vote. Web3.0, AI, etc. They say all those things without knowing anything about the tech, then initialize a dodgy project without clear vision about it, and end up wasting tax money to make useless product.

A few politicians in my country also talked about blockchain and AI and installing Linux everywhere to paint a picture of some sort of tech utopia that will solve all problems and will make everyone rich.

Also, I wonder how big was the "donation" that Kishida received from Binance or other crypto entities. Because with politicians, it's very rare for something to happen without monetary involvement. Unless the subject is really that important, which web3 is obviously not.

[Latviand]

It definitely is weird considering Japan is catering more to their aging population, them taking a new generation step towards finances is really something. Maybe they plan to integrate their geriatric laws with their Web3 plans, nonetheless it's still a good thing that they finally make a drastic step in terms of cryptocurrency.

[khiholangkang]

This sounds great, it will be the hope of most people when web3 is adopted by Japan and becomes one of the developed countries that supports the development of web3, the Japanese are no less intelligent, of course there will be many innovations that will occur in the world of web3, and I'm really waiting for that from them. Talking about Japan's finances, they are quite careful, but in my opinion, this can still be handled by the government, but with caution, it certainly takes a long time for the government to reach an agreement to make web3 an infrastructure for accessing the world of the internet and a more powerful money-making machine for the people of their country.
Web3 is also inseparable from the blockchain, for sure the crypto market will resonate.