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Japanese Digital Ministry Announced Creation of Its Own DAO

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Thu, 3/11/2022 - 12:02
Japanese Digital Ministry Announced Creation of Its Own DAO
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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.

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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.

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.

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In 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.

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