Local Governments in Japan Turn to Unconventional Approaches to Boost Economies

Some local governments in Japan are taking unconventional approaches to revitalize their economies. In line with the new fiscal year that began this month, several towns and cities have established innovative departments to explore ways to generate additional financial resources.

One such town is Nishikawa in Yamagata Prefecture, which has created a “kasegu,” or moneymaking, division focused on promoting non-fungible tokens (NFTs). These tokens allow people from outside the town to become digital citizens of Nishikawa. The head of the division, Tomohiro Ishikawa, aims to turn these digital citizens into more than just token holders by engaging with them and making them fans of the town.

As part of their strategy, Nishikawa plans to organize both in-person and online events to bring together their digital citizens. This approach aims to foster a sense of community among those who have become connected to the town through NFT ownership. The town hopes that by thinking creatively and leveraging new technologies, they can attract interest and investment in their local economy.

This initiative showcases a willingness among local governments in Japan to experiment with unconventional methods for economic growth. By embracing new ideas and technologies, these local governments are taking proactive steps to promote economic development and community engagement in their regions.