For those out of the loop, we refer to the internet we use today as web 2.0. During the advent of social media in the mid-aughts, the way people used the internet changed. It was primarily a place where people shared files and used message boards. But with social media, the internet became a platform where people have a constant presence. Thanks to the mainstream adoption of blockchain technology, the internet is changing again. So, this version of the internet, referred to as web 3.0, is intertwined with crypto. And a recent policy from Japan means they’re leading the charge towards web 3 and crypto adoption.
Japan, web 3.0, and crypto
The Japanese government passed an economic and fiscal management policy, including plans to develop blockchain technology in the country. Furthermore, The project aims to put the power of data back into the hands of users. According to a local report (and Google translate), an expansion of digital assets and the framework for a “decentralized, digital society” are under development.
The development and integration of web 3.0 and blockchain technology in Japan will take a while. Japanese officials are now drafting policies to submit at the 2023 Diet session. A key focus of these new policies is creating a “trusted web” and ensuring security.
Japan, fintech, the metaverse, and digital assets
This mass adoption of web 3.0 technology in Japan will bring some exciting developments in digital assets. Another key focus of the plan will promote fintech (financial technology) and the promotion of stablecoins as legitimate legal tender. But, cryptocurrency isn’t the only digital asset. Alongside crypto, NFTs and the metaverse are in for an overhaul by the Japanese government.
Is this interest in web 3.0 by Japan a sign of things to come across the globe? Perhaps. Japan is considered a leading technological power. Moreover, President Biden has already signed an executive order for government agencies to look into crypto here in the US. So perhaps this could also lead to further adoption of web 3.0 in the states.
