Japan issues NFTs to reward local officials

The government of Japan has issued non-fungible tokens (NFTs) as rewards for local officials who have excelled in the use of digital technologies. Local media report this.

The first awards were presented during the Summer Digi Denkoshien 2022. NFTs went to seven mayors.

One of them is Itaru Maruyama, the head of Sakata city in Yamagata Prefecture. His administration proposed using electric vehicles for deliveries. The award also went to Maebashi, a company in Gunma Prefecture, for an idea of a platform that uses cameras on mobile devices to monitor real-time changes in road conditions.

NFTs are issued on the Ethereum blockchain using the POAP. The tokens are not transferable or traded on the secondary market.

Earlier in June, Japan’s parliament passed a bill that recognized stablecoins as digital currencies.

Subsequently, authorities began studying the 2023 tax reform proposal. Among the options is the exemption of crypto startups issuing their own tokens from taxes on unrealised profits.

Read ForkLog Bitcoin news on our Telegram — news on cryptocurrencies, rates and analytics.