Brazil, Japan Deepen Economic Cooperation to Leverage Web3

For years, Brazil and Japan have shared a mutual and respectful history of friendship, marked by deeper and broader economic relations. These two economic powerhouses have taken a critical step in strengthening their bilateral ties by taking an interest in the potential of Web3 technologies. This collaboration was recently substantially advanced when Brazil’s president Luiz Inácio Lula da Silva and Japan’s prime minister Kishida Fumio met to discuss strengthening their strategic partnerships.

The meeting saw the two sign 38 memorandums of cooperation, emphasizing critical areas such as innovation and cybersecurity. Another focus is Web3, which promises a decentralized internet that offers significant value for both public and private enterprises in Brazil and Japan.

Web3 is founded on the promise of decentralization, which means an evolution in how the Internet operates. The technology allows users complete privacy of their information, ensuring that they maintain ownership and control. The promise has captivated various tech enthusiasts, investors and governments alike, with the two countries seeing significant economic growth opportunities.

One of Brazil’s most significant resolutions was to expand its trade and attract investment and technological advancements into the country. The government has been taking a central role in regulating cryptocurrency, and this evolution of cryptocurrency in Brazil is quite remarkable.

The country is taking a stance as the most prominent crypto-friendly jurisdiction in Latin America and is openly supporting the growth of Web3 by implementing friendly crypto laws. Brazil also owns $50 billion in crypto, much more than most countries, including the United States.

As a result, many private entities and investors have recognized Brazil’s potential economic growth and are taking action to invest and participate in it. For instance, TradeWaltz, a blockchain-based trade-management platform based in Tokyo, recently announced joint efforts with Consensys-based trade operations platform Covantis to streamline trade procedures between Brazil and Japan.

In addition, Japan’s SoftBank Group Corp has invested $200 million in Brazil’s Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America. The investors’ decisions reflect their acknowledgement of Web3’s potential to encourage cross-border growth.

In mid-April 2024, Japan attempted to become the hub for the Web3 business environment by releasing a Web3 white paper. The sole purpose of this document is to encourage decentralized autonomous organizations (DAOs) and enhance interoperability with foreign organizations and investors. This move is part of Japan’s ambition to leverage digital technologies to ensure economic growth. For that reason, the deepening economic ties between Japan and Brazil, mainly in Web3, highlight the potential for technological innovation and economic growth between the two countries.

As countries work on collaborative efforts to deepen the penetration of Web3 technologies, finding more clients to do business with for-profit companies such as Horizon Fintex that leverage Web3 technology in their services will get easier as time goes by.

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