Japan reaffirm Web3 plans

[livingfree]

I have known that Japan has been a crypto friendly country in Asia and that's why it's PM or anyone that has a high position in its government is telling things about it. I wouldn't be surprised if they're going to roll things related to crypto and it shouldn't just be web3. There can be other things that they can be interested with but as long as they are interested on it, I guess that's all what matters to say and remain a crypto friendly country.

Another thing is that they may also open up ideas like having their own CBDC. I'm not just sure if they've already said something related to it or haven't yet.

We need more countries that are open to these technologies and innovation that shall be interesting not just to their people but could also add and contribute to their economy.

[savetheFORUM]

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?

It's all in words for now, and we all know when there are only words, it can just create news, and news can only have a temporary effect on the market and crypto industry as a whole, as soon as we see some action apart from words, that is when this thing can make a difference for Bitcoin and cryptocurrencies in the world because there will be a lot of countries that might follow suite and get inspired by this notion of Japan by embracing and working on blockchain technology so openly and broadly.

Once they go ahead and start creating projects utilizing web3.0 and blockchain technology, the market will see a positive effect for sure, we will see a large hike in adoption rates worldwide since this will build more trust among retail investors from all around the world as people believe Japan as being one of the most innovative countries in the world when it comes to technology.

[joniboini]

Once they go ahead and start creating projects utilizing web3.0 and blockchain technology, the market will see a positive effect for sure, we will see a large hike in adoption rates worldwide since this will build more trust among retail investors from all around the world as people believe Japan as being one of the most innovative countries in the world when it comes to technology.

I don't think a government will create new projects and stuff like that. Most of the time they only need to allow businesses to accept crypto and provide a clear framework for retail users, and then anyone interested in crypto will likely use them. I'm not sure how to feel about CZ's praise though, since his company has been doing some shady moves here and there. I'd not be surprised if he starts criticizing Japan if they started demanding CZ and his company to provide more details related to their business. At the end of the day, if crypto stays they will need to regulate it, whether it includes Web3 projects or not.

[vv181]

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?

Once they go ahead and start creating projects utilizing web3.0 and blockchain technology, the market will see a positive effect for sure, we will see a large hike in adoption rates worldwide since this will build more trust among retail investors from all around the world as people believe Japan as being one of the most innovative countries in the world when it comes to technology.

The reason why they reaffirm their position and stance is to embrace many builders to look forward to Japan as a friendly country, as long as they follow the regulatory frameworks that have been developed. This might also suggest they made it clear enough that it could give some companies clarity in case they want to go into the Japan market. They, the government, won't be directly creating or collaborating with the Web3 project, but instead just giving a safe space based on their own guidelines in regard to the matter.

[so98nn]

I have no clue how web3 works and what the products or what benefits it can have to the community or let us say for the layman like me but yet I would go and say my government is doing this development and that development. It's sarcastic to be honest and I don't really like the way they are promoting this thing. What successful projects in the form of web3 or rather over blockchain has been made so as to benefit the community? I think none and if there are any then they must be from few of the countries that too with partial developments only. They are just showing us that they are into it but the question is are they really into it for real? I think it's clueless development and nobody really knows what it is on the ground level. Except the techies in the field.