Japan has announced it has formed a caucus to discuss regulatory changes for blockchain technology within the country.
In an appearance at Japan Blockchain Conference, former Japan state financial minister Naokazu Takemoto said building trust in cryptoassets was essential.
“By discussing the problems with cryptocurrency in our caucus, the value and the trust remains the most important thing,” said Takemoto.
Crypto Token Investment Advisory (CTIA) CEO Mitsuru Tezuka said blockchain could provide support to the Japanese economy.
“I think if blockchain is integrated into the Japanese market, it will become a great tool to prevent the Japanese market from declining,” said Tezuka.
Meanwhile, ICO advisory and blockchain consulting services firm DigitalX said the potential benefit of the technology should be the focus of the debate, not the price of cryptocurrency.
“Japan has a government that has stepped in to protect consumers, it’s an environment that is looking at news ways to improve those industries,” said CEO Leigh Travers.
The Australian government has been historically positive on the technology, with $700,000 of the 2018 federal budget allocated towards blockchain research, and a billion dollar supply deal with IBM.