Home News New Japanese Minister of Science and IT Technology supports blockchain development

New Japanese Minister of Science and IT Technology supports blockchain development

The newly appointed Japanese Minister of Science and IT Technology Takuya Hirai, is a keen supporter of blockchain technology. This appointment may lead to increased investment in related sector of economy.

As a professor at Tama University and former chairman of Liberal Democratic Part’s IT Strategy Special Committee and Fintech Promotion Parliamentarians’ Federation, Takuya Hirai has long been advocating the promotion of blockchain and cryptocurrency sectors. He is also the head of ICO Business Research Group which works together with Japanese Financial Services Agency (FSA) on optimizing regulatory measuresin the field.

“Appropriate rules must be set to enable ICO to obtain public trust and to expand as a sound and reliable financing method,” – it was stated in one of the reports by FSA.

Japan sees the intense development of blockchain sector. Last week, SBI Ripple Asia, a joint-venture based in Tokyo, announced the launch of MoneyTap application which uses Ripple’s xCurrent payment solution and provides for instant no-cost transfers within the country.

The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real time settlement for domestic payments in Japan! https://t.co/nNtkSfq2PN pic.twitter.com/oeg2XBZG66
— Ripple (@Ripple) October 4, 2018

Thanks to its well-balanced regulatory framework, Japan is regarded as one of the world leaders in cryptocurrency industry. Among the other things, the country plans to legalize cryptocurrency exchange traded funds (ETFs).