(Kitco News) - Japan's Digital Agency announced on Thursday that its Web3.0 Study Group plans to establish its own decentralized autonomous organization (DAO) in order to better understand their operations, limitations and advantages.
The Japanese government established the Digital Agency in September of 2021 as part of Prime Minister Fumio Kishida's push to accelerate the country's digitalization. The mandate of the Agency's Web3.0 Study Group is to explore ways to integrate blockchain-based technology into Japanese society.
The DAO announcement was made following the fifth meeting of the Web3.0 Study Group on November 2. At the outset, the DAO will include only the members of the Study Group and other key people within the Digital Agency. The Study Group will decide on the organizational structure of the DAO including the means of voting, create a governance token, open a digital wallet and set gas charges for transactions.
The project is expected to last for the duration of the Study Group, and membership will be expanded gradually over time to include approved participants beyond the Digital Agency. Once the Study Group believes it has developed sufficient experience with the DAO, they will offer use cases and recommendations to the government.
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Japan established the Digital Agency in order to streamline the 'digitalization' process in the country. The country's government acknowledged that the pandemic was a wake-up call that highlighted the limitations of its bureaucratic system divided by ministry, agency and locality. These limitations diminished their ability to respond and adapt to the challenges posed by COVID-19.
The agency's policy priorities now include: the development of a comprehensive data strategy; securing accessibility and ensuring the safety and security of digital platforms and services; supporting infrastructure such as cloud services and networks; and regulatory reform to allow the use of new technologies including blockchain.
The new DAO is the latest in a series of blockchain-related initiatives by the Japanese government, including last month's announcement that they will support and promote the adoption of the Metaverse and the use of NFTs.
