Japan will issue passports in the form of NFT tokens as part of digital transformation

The Japanese government will allocate funding to promote Web3 services related to metaverse and NFT. This was announced by Prime Minister Fumio Kishida in front of the National Assembly. The official noted that as part of the digital transformation, the government will issue NFTs for local authorities. They will be issued to officials who use new technologies to solve social and urban problems.

Fumio Kushida also suggested that Japanese passports would eventually be subject to digitization. The Prime Minister of the country noted that $ 7 billion will be allocated annually from the Japanese state budget for blockchain development. The country is going to exempt local cryptocurrency companies from taxes and reduce the tax rate for foreigners from 55% to 20%.

As you can see, Japan is taking great steps to introduce the cryptocurrency industry into its economy. Back in early September, the country was included in the list of countries where cryptocurrency holders have nothing to expect. It is worth noting that the Japanese already recognize stablecoins as digital money, and local officials are awarded commemorative NFTs for their success. Thus, in August, seven city mayors have already received their tokens. NFT stamps can also be added to the treasury of realized plans of the Japanese. The National Post is already selling them at a price of $ 4 to $ 20.