Japan shows interest in accelerating Bitcoin adoption

Japanese Prime Minister Fumio Kishida took part in a cryptocurrency conference in the country via video and declared his support for the adoption of bitcoin and Web3 in the area.

According to him, his administration’s “new capitalism” plans to evolve with promising technologies such as cryptocurrencies.

For example, by focusing on the country’s social problems, Japan can boost the growth engine and move forward. It is worth remembering that the Japanese government is one of the first to release cryptocurrency trading and regulate brokerages in the world.

Japan may see greater bitcoin adoption, PM suggests: “new capitalism”

According to CoinPost, Prime Minister Fumio Kishida appeared at an event organized by the Japanese cryptocurrency portal itself with a promising speech for the local market.

That’s because he advocated for Japan and other countries to unite to create a reverse digital economy, which can boost relationships.

During his speech, Kishida also said that Web3 has the ability to radically change the traditional structure of the Internet and generate significant social impact. In addition, he emphasized the government’s efforts to improve the scenario to promote Web3 development.

At the end of his speech, the Prime Minister stated that he believed in the return of new Internet projects.

“I hope the Web3 industry regains its focus and vitality and many new projects emerge.”

Bitcoin has been legal tender in Japan since 2017

Japan has already preceded many countries, including one of the world’s major economic powers, by giving Bitcoin legal payment status in 2017.

In addition, the country has regulated cryptocurrency exchanges, which have started operating under licenses from regulators and improved overall investor confidence. It is worth remembering that the 2014 bankruptcy of MTGox, one of the largest brokers in the world and headquartered in Tokyo, left many Japanese at a loss, so regulations were introduced in the country to suppress new scams.

With the government regulating the cryptocurrency market rather than banning its operation, bitcoin culture has continued to grow in Japan in recent years, now clearly supported by the prime minister. In the country, the Prime Minister is in control of politics while the Emperor is only responsible for diplomatic affairs.

Another practice that Japan has implemented after the regulation of cryptocurrencies is the taxation of investors. That is, widespread market adoption could lead to increased tax collections by the Japanese state, which expects major growth of the technology in its territory.

Source: Live Coins