South Korea will be bringing a replica of its capital city, Seoul, to the metaverse
The city will be called Metaverse Seoul and will have its own municipal infrastructure. Citizens will be able to use avatars to move around in the city
People will be able to buy real estate in Metaverse Seoul. It will also help in advertising and promotion of small businesses of the real city of Seoul
Seoul’s youth would also be able to access counselling in Metaverse Seoul. This will be easier for those who would like to keep their identity anonymous during the process
As per current plans, the construction of Metaverse Seoul would be completed by 2026
South Korea has been expanding its metaverse initiatives as a part of its “Digital New Deal” initiative. The country announced plans to earmark about $200 million to fund metaverse projects in 2022
South Korea’s recently elected President Yoon Suk-Yeol, is said to have a pro-crypto stance. His pro-crypto stance made him extremely popular among South Korean youth. Suk-Yeol promised moderation in crypto taxation during his election campaign
The Bank of Korea, South Korea’s central bank is also very keen on its own CBDC. The central bank reportedly completed a test run of its Central Bank Digital Currency in November