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South Korea’s Gyeongbuk Province plans to make use of the metaverse to develop financial and different relations with Vietnam, the province’s governor Lee Cheol-woo mentioned on Friday throughout a go to to the Southeast Asian nation.
See associated article: S. Korea vitality conglomerate builds US$84 mln metaverse fund
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- “We are going to prioritize increasing financial, cultural, commerce and people-centric exchanges with Vietnam by using the metaverse,” Lee mentioned in Vietnam’s Bắc Ninh province, in response to a Gyeongbuk press launch on Monday.
- No particular quantities of investments have been determined, mentioned a spokesman for Gyeongbuk Province, which proclaimed itself South Korea’s “metaverse capital” in February, with regulatory exemptions and tax breaks.
- The metaverse refers to a community of 3D digital worlds accessed by way of digital actuality headsets as a part of the subsequent iteration of a decentralized Web, or Web3, constructed round blockchains, the underlying expertise of cryptocurrencies.
- In June the province mentioned it’s going to make investments 18 billion Korean gained (US$13.8 million) to determine itself as a hub for metaverse innovation, based mostly on the nation’s expertise and cultural content material. The province estimates the initiative will add 1 trillion gained in worth to the area.
- South Korean president Yoon Suk-yeol, elected in March this 12 months, has put the metaverse and Web3 improvement on his record of nationwide priorities. Additionally this 12 months, the Ministry of Science and ICT mentioned it could make investments US$185 million to assist the expansion of metaverse-related industries.
- Fumio Kishida, the prime minister of neighboring Japan, additionally introduced investments within the metaverse and non-fungible tokens (NFTs) in October this 12 months and has designated Web3 improvement as one of many new pillars of financial development within the nation.
See associated article: S. Korea releases moral pointers for the metaverse
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