Japan Plans to Create its Own Metaverse Economic Zone

A group of major Japanese technology companies, including Fujitsu Ltd, Mitsubishi Corporation and TBT Lab Inc, have entered into an agreement to kickstart the development of metaverse in the country.

Global interest in the metaverse is growing and many countries are trying to get involved in the space.

In Japan, an agreement was reached on 27 February by a group of well-known technology companies to create a "Japan Metaverse Economic Zone." The agreement also aims to create an open metaverse infrastructure called "Ryugukoku," which is expected to trigger the next wave of metaverse development.

Ryugukoku will help users and developers create interoperable tools that are available on different platforms. It also aims to serve as a new social infrastructure for the digital transformation of enterprises.

Based on the terms written in the agreement, the signatory companies will integrate their "relevant technologies and services" to create Ryugokoku. The agreement covers gamification, fintech, information and communication technologies.

Japan's metaverse economic zone is expected to be an ecosystem that will lead to connections between various services and metaverse platforms. It will be available to Japanese consumers, and the agreement also mentions the possible future "provision of this infrastructure to other countries around the world."

In Japan, regulators are shifting their attention to the country's tech-finance sector. On 1 February, the Prime Minister of Japan recognized that DAOs and NFTs could provide a way of supporting a government strategy called "Cool Japan."

The exploration of DAOs as governance tools started in November last year, when the Japan Digital Agency launched its own DAO.

According to recent reports, the Bank of Japan plans to launch a pilot project for an official Central Bank Digital Currency (CBDC) by May 2023.

Source: cointelegraph.com