Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The recently established Digital Ministry of Japan has announced the creation of its own DAO that will investigate and determine whether to give autonomous organizations legal status, per WuBlockhain.
Crypto-friendly Prime Minister Fumio Kishida is still calling for Web3 technology integration, and working with decentralized autonomous organizations is a large part of the blockchainization of the country.
The newly established Digital Ministry of the Japanese announced on November 2 that it has established its own DAO to investigate and analyze its problems and potential by actually participating in the DAO, and whether to grant the DAO legal personality. https://t.co/llzWrzymAi
— Wu Blockchain (@WuBlockchain) November 3, 2022
Reportedly, the new ministry will analyze existing problems in the newly emerged structure by studying its own project. In the last two years, DAOs saw a surge in popularity as their nature allowed different groups of people to unite in self-organized structures with decentralized governance.
Numerous blockchain experts and enthusiasts assume that decentralized organizations can become something more than a common interest club with governance and should be implemented at the government level.
Japan on its way to becoming Web3 hub
Since 2021, Japanese officials have been actively working on the implementation of new technologies and not on the common bureaucratic route, which is why Kishida's administration was able to establish one of the first Web3 policy offices under the Ministry of Economy.
Yuri MolchanIn the whitepaper release in April, Kishida's party marked Web3 as the new frontier of the digital economy. Considering Japan's digitalization tempo, implementation of the decentralized autonomous organizations should be the next logical step in the country's national strategy on Web3.
According to the document that describes the importance of DAO, the ministry explains why it should incentivize research in that direction. The main reason is the revitalization of the content industry and local communities, which is expected to lead to the economic growth of the country.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
U.Today Editorial Team
Vladislav Sopov