SOUTH KOREA: Metaverse embraced in bid for better services

The South Korea capital of Seoul has taken on a virtual reality identity in an effort to improve its public administration services.

Metaverse Seoul is a three-part project expected to be completed by 2026.

The first phase encourages residents to utilise avatars to get tax advice, access adolescent counselling, locate assistance for small enterprises, and even read e-books.

The city’s Mayor, Oh Se-hoon said the virtual Seoul would also feature a fintech laboratory, corporate support centre, and Seoul’s top 10 tourist attractions.

“In future phases, we will also use augmented reality to manage municipal infrastructure and extend to include real estate and services for international investors,” Mr Oh said.

“In addition, we intend to implement blockchain technology, including crypto-currencies.”

The South Korean Government is also getting on board with the Ministry of Science and Information and Communications Technology planning to establish a ₩223.7 billion ($A260 million) fund to invest in the nation’s metaverse sectors.

The Ministry describes the metaverse as a confluence of virtual and physical reality in which individuals may engage and provide economic, social, and cultural value.

Meanwhile, the Bank of Korea performed a test of digital money in November.

President Yoon Suk-yeol has deemed the development of this technology a national priority.

However, critics believe the Government’s engagement in the metaverse is just a waste of public money.

Seoul, 24 January 2023