While there is lack of clarity related to the regulation of Bitcoin in Japan, one of the Japanese government ministries has worked to develop a new way in order to evaluate projects related to the distributed ledger tech.
The Ministry of Economy, Trade and Industry (METI), in fact, announced a few details about this new methodology, that was created by the Information Economy Division of the ministry’s Commerce and Information Policy Bureau.
According to a presentation published a few days ago, METI will exploit this process to consider projects for a variety of use cases, by evaluating more than 30 different characteristics including project scalability, privacy and overall reliability.
People involved with the creation of this new methodology explained it was developed to impartially weigh blockchain-related projects.
The official presentation explains:
“No evaluation indices or criteria had been established to adequately assess the features of the technologies and to compare them with existing systems. This causes the public anxiety, misunderstanding, and unreasonable hopes to blockchain technologies, and leading to a potential unwillingness to introduce the technology.”
It is not a big surprise that the Japanese ministry is involved in this project, as it has already supported the blockchain technology in the past.
METI, in fact, is conducting some researches about the technology since 2015, commenting that the government should play a supporting role. Also, the Japanese ministry has sponsored a trip abroad for local bitcoin and blockchain-based startups.
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