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Why Japan is embracing crypto rapidly

TOKYO, May 18 (Crypto Daily) - Japan, which missed out on the Web2 revolution -- by failing to produce its own Meta, Google, Amazon, and Alibaba -- is now looking to regain its economic prowess by embracing the burgeoning crypto and Web3 industry.

In this regard, the Japanese government has already recognized the potential of this sector, so much so that it has made Web3 a major part of its national strategy.

For starters, in September 2022, the government published a white paper — which has since been approved — discussing the implementation of several future-ready technologies, including blockchain, central bank-backed digital currencies (CBDCs), etc, into its existing governance and technological frameworks.

As a result, a number of reputable Japanese firms, such as Toyota, Sony, and NTT, have showcased a keen interest in various decentralized offerings. Not only that but moving ahead, decision-makers in Japan see the Web3 paradigm as the next big opportunity for local companies to forge ahead and stand at the forefront of the global economy.

Japan's ambition to become a leader in the Web3 industry seems to be driven by its need to compete internationally and to counteract a shrinking domestic market due to an aging population. Japanese companies are being encouraged to invest more in software and create platforms — possibly on the blockchain — to grow the nation’s economic influence outside of the country.

Moreover, the Asian powerhouse is also looking to leverage its world-class intellectual property in manga, anime, and computer games in the Web3 space, particularly through NFTs. However, there is a knowledge gap, with many creators unsure of how to deploy their creations on the blockchain.

To this point, Sota Watanabe, the founder of Astar Network and a member of the Japanese Government's web3 task force, recently explained: "A lot of digital creators, gaming companies would like to work on Web3, especially NFTs. But the problem is they don't know how to.” ...continue reading