South Korea to grant NFT citizenship

The South Korean city of Seongnam offers its residents to obtain NFT citizenship. For this purpose, the city hall has planned to fully recreate the city in virtual reality to provide residents with access to a large amount of municipal information. According to the city administration, the project should be fully completed by April 2023. According to the plan, the metaverse will start functioning in May or June next year.

The Sonnam authorities reported that the final decision on the implementation of NFT citizenship will be made at the upcoming meeting of the city’s mayor’s office in October. Earlier, the media reported that the country’s capital, Seoul, is also building a virtual city in the meta-universe. Seongnam is considered to be a satellite city of Seoul, so the development of the digital worlds of both cities is likely to take place in parallel. According to analysts, many initiatives will be tested in the virtual world of Seongnam and then transferred to the Seoul metaverse. They emphasized that the construction of metaverse is part of South Korea’s global development program and the digitalization of its economy.

Despite the relative loyalty to cryptocurrencies and the introduction of virtual reality into the life of civil society, in the first half of 2022, fraudsters stole more than $ 1 billion in cryptocurrencies. In late August, the government of Ukraine closed access to 16 cryptocurrency exchanges, which resulted in thousands of users losing access to their crypto funds. The list of foreign cryptocurrency exchanges that are not properly registered to operate in the country includes KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex, and Pionex.