Japan has been among the first countries to legalize and adopt cryptocurrencies. In Web3, it is quickly learning the potential use cases in both public and private sectors. The latest development is that of telecom operator NTT Docomo planning to invest in the new technology to address social issues. For this the company has signed an agreement with global firm Accenture.
The new digital economy will be based on blockchains, NFTs and metaverse. NTT Docomo wants to explore its applications in addressing the environment, social and government issues. The latest agreement also aims to establish a Web3 technology platform or consortium, and offer training to talent.
Japan is currently using Web3 in the carbon credit market for creating a more efficient process. The Digital Ministry has also created a DAO, a voting-based community over blockchain. In July, the Ministry of Economy, Trade and Industry (METI) set up a dedicated Web3 office in the Secretariat. This office will concentrate efforts being undertaken in various areas, from sports and fashion to media, finance and other industries.
NTT Docomo is a Japanese telecom operator with over 80 million users. As per reports, it plans to invest between 500-600 billion Yen in the next five to six years in its Web3 initiatives. Another recent agreement the company has signed is with Astar Network, a multi-chain service for smart contracts. Among the proposed initiatives are a crypto wallet and infrastructure for crypto transactions.
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