Last year, we saw governments from all over the world recognize the concept of cryptocurrencies. Many jurisdictions were adopting crypto currencies such as Bitcoin and other instruments exponentially. Some governments have begun to accept cryptocurrency as a means of payment, while others have legalized it and enacted regulations to reinforce the fact that cryptocurrency is here to stay.
Does this also means that the governments will be soon entering metaverse? Nonetheless, The governments are preparing for the metaverse for sure. The metaverse is the next step in the internet's growth from a two-dimensional interactive experience to a three-dimensional participatory one. To work, the metaverse will necessitate a slew of new technologies, protocols, businesses, breakthroughs, and discoveries. For this reason, governments should see the metaverse as a potential future opportunit yand must assess the hazards and opportunities that future immersive technology can provide.
Governments establishing space in the metaverse can lead to digital solutions to real-world problems. We have seen some governments making their metaverse move recently. Barbados announced intentions to open the world's first metaverse embassy in Decentraland in November. The little island government has been a proponent of digital innovations, adopting a digital currency in April this year and announcing intentions to expand its virtual embassies to other platforms. Major countries like China and the United Arab Emirates has also seen betting big on their metaverse game.
Similarly, Seoul, South Korea's capital, is expected to be the first large city to enter the metaverse. Municipal administration will be transformed as part of Seoul's 2023 plan, which includes a virtual communication environment equipped to accommodate anything from civil complaints to legal consultations.
There has been a recent shift in the country's metaverse plans.
In an official announcement issued on Sunday, South Korea declared its intent to invest $187 million in the development of its national metaverse platform. Corporate growth, digital content, and other aspects of the metaverse ecosystem will be prioritised. The fund will be used to complete numerous objectives with the goal of constructing a massive digital environment known as the Expanded Virtual World, according to the official announcement.
The country's most recent investment introduces a new realm in which the country will reign supreme in the metaverse. However, this isn't the first time South Korea has showed an interest in the Metaverse. Last month, the government declared that it will train 40,000 professionals and establish 220 companies specialising in metaverse technology, with the goal of making South Korea the fifth largest metaverse market by 2026.
The government's policy would also support content creators, according to the statement made on Sunday. It will offer creative events geared toward the community, as well as a metaverse developers competition and a hackathon.
However, Korea still faces serious barriers, such as not authorising the use of NFTs in gaming, which the industry has often raised.
The government refers to this as the "Digital New Deal," a series of measures aimed at assisting in the development of metaverse platforms.
Blockchain-based app ArDrive Raises $17.2 Million
Keeping your social security number, date of birth, and other identifying information on a public ledger may be safer than using current systems, which are more vulnerable to hacking. In fields including healthcare, finance, and education, blockchain may be used to safeguard access to identifiable information while also enhancing access for people who need it.
ArDrive, a permanent storage solution built on the blockchain, has raised $17.2 million in a seed round led by Arweave Team, Blockchain Capital, and Sino Global Capital. ArDrive now has over 6 million files, including text, articles, images, and videos, from all around the world.
While many users entrust their data to services like Dropbox or Google Drive, which are vulnerable to data leaks, ArDrive allows users to keep ownership and management of their data on the Arweave blockchain.
UK acts promptly to curb the money laundering issue
The UK government has responded to money laundering through cryptocurrencies in its economy, even as the crypto market weakening continues. Companies House has proposed legislation that would give the UK government the authority to confiscate cryptocurrencies in the country's economy.
The Financial Times reported on Monday that the UK government is considering a set of laws to combat money laundering that will give it the ability to seize digital assets. Proponents believe that the authorities' quick action was prompted by Russian aggressiveness and the ongoing geopolitical turmoil.
Ministers will release a white paper soon suggesting changes to Companies House, the registrar where all businesses must submit financial accounts and other information in the United Kingdom. The reforms will require applicants registering new companies to disclose more information.