[NEWS] Taira, chair of the LDP web3 Project Team, joins cabinet for first time as digital minister

New LDP President Shigeru Ishiba Intends to Appoint Masamune Taira, Head of the Web3.0 PT, as Minister of Digital Affairs.

On the 29th, Shigeru Ishiba, the newly elected president of the Liberal Democratic Party (LDP), announced his intention to appoint Masamune Taira, head of the web3 Project Team (PT), as Minister of Digital Affairs. Taira, unaffiliated with any faction, was one of the sponsors who supported Ishiba's candidacy.

Taira has been actively promoting Web3.0 in Japan as head of the web3 PT, attending domestic Web3.0 events and emphasizing that Japan’s digital transformation will continue, regardless of changes in leadership. At Japan’s largest Web3.0 conference, "WebX2024," held in August, Taira stated:"Japan's Web3.0 initiatives are not dependent on any specific government. This is because the efforts are driven by the LDP's Web3.0 PT, and we will continue our work regardless of any changes in administration."

The Kishida administration has been promoting Web3.0 as a new industry for Japan, and Ishiba, now the new president, has expressed his intent to carry on with Kishida’s policies.

Ishiba is also said to have the support of former Prime Minister Yoshihide Suga, who is known to advocate for Web3.0. Suga was instrumental in establishing Japan's Digital Agency to position the country as a leader in blockchain technology. Suga had previously expressed concern that Japan was lagging behind in IT, with no Japanese companies capable of competing with tech giants like Google, Apple, Facebook, and Amazon (GAFA). Realizing that overtaking GAFA was unlikely in the IT space, he envisioned Japan becoming a blockchain powerhouse.

At the time, Ishiba was the Minister of Regional Revitalization, where he recommended the use of Web3.0 technology to drive regional development. Now, as part of his agenda as LDP president, Ishiba has placed regional revitalization as his sixth key policy, often stating that Japan’s economic strength lies in revitalizing its regions. He plans to actively utilize Web3.0 technologies, including NFTs, to achieve this goal.

Utilizing Web3.0 Technology for Regional Revitalization

In addition to promoting Web3.0 technology, Ishiba also aims to strengthen startup support to enhance Japan’s innovation capacity. The government’s "Five-Year Plan for Startup Development" will be steadily advanced, with the goal of turning Japan into "Asia’s largest startup hub."

Ishiba views both regional revitalization and innovation promotion as critical policy priorities, demonstrating a clear commitment to fostering and strengthening startups.

In order to further Web3.0 promotion, Ishiba’s decision to appoint Taira as Minister of Digital Affairs may be crucial. He believes that Web3.0 technology—such as IT, AI, and blockchain—should be utilized for innovation and promoting relocation to rural areas for regional revitalization.

Taira’s cooperation is essential to realizing Ishiba’s vision. Up until now, Taira has been serving as head of the web3 PT, offering policy recommendations. With his new role as Minister of Digital Affairs, Taira will hold actual decision-making power, accelerating Japan’s Web3.0 promotion efforts.

Following Ishiba's election as LDP president, the yen strengthened from 146 to 142 per dollar, and the Nikkei 225 fell from the 39,000 level to as low as 37,000, though this is expected to be temporary. Some are predicting that Ishiba’s Web3.0 promotion plan could have an economic impact comparable to Abenomics. 

Reference: Report
Image: Shutterstock

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