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Top Web3 news: Japan appoints a political heavyweight as the country's next digital minister, Boosting Web3 Hopes

14-Aug-2022 By: Sudeep Saxena
Top Web3 news: Japan

Japan's Prime Minister has appointed a new minister in charge of digital affairs, raising hopes that the government would prioritize Web3 growth in its economic plans.

Taro Kono, a politician, revealed on Twitter that he had been nominated for the job role by Prime Minister Fumio Kishida in the latter's most recent ministerial reshuffle.

The appointment seems to be a crystal-clear indication of Kishida's intentions: Kono is a former executive in the tech sector, has a sizable social media following, and speaks English very well due to his previous affiliation with Georgetown University. He previously served as Foreign Minister and as Minister of State for Administrative Reform.

During his tenure as Foreign Minister, Taro Kono met with Vitalik Buterin, co-founder of Ethereum (ETH), and Aya Miyaguchi, Executive Director of the Ethereum Foundation.

Last year, Kono nearly lost the Liberal Democratic Party (LDP) leadership election to Kishida. If he had won, he would have been Prime Minister of Japan.

More recently, he took to Twitter to request his 2.4 million fans to design a digital avatar for him to use in metaverse spaces.

Kono will lead the government-run Digital Agency, which was established in 2009 to modernize government operations, bridge the digital divide between rural and urban areas, and encourage IT-based growth.

However, Kishida and the ruling LDP have recently expressed optimism regarding Web3-related development. Tokyo seems to be taking its efforts in this area very seriously right now, as seen by the appointment of a minister with Kono's influence to lead this endeavor.

Opposition lawmakers and business executives have warned that top Japanese blockchain and crypto talent is fleeing the country owing to high tax rates, spurring debate on crypto tax reform.

In addition, on a visit to the UK in May this year, Kishida told British investors that his government was seeking Web3-related growth, mentioning both metaverse and non-fungible token (NFT) advances in his address.

As previously reported by CoinGabbar, the Ministry of Economy, Trade, and Industry established the new Web3 Promotional Office. The latter was referred to as a "multi-ministerial organization."

Read also: Top cryptocurrency news: Crypto Exchange Hotbit suspended operations after law enforcement froze its funds

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