Sat. Nov 26th, 2022

Experts from all walks of life pointed out the need for institutional supplementation and support for services using new technologies such as metaverse, blockchain, and non-replaceable tokens (NFT).

The Korea Game Association and the Citizens’ Coalition for Economic Justice held a policy debate co-hosted by the offices of Lee In-young, Noh Woong-rae, Cho Seung-rae, and Hwang Bo-seung-hee at the third meeting room of the National Assembly building on the 26th.

“The bubble in the metaverse and virtual currency industry has been turned off, but the important point is that the incorporation of virtual currency, NFT, and metaverse is starting,” Wi Jung-hyun, chairman of the Korea Game Institute, said in a keynote speech.

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Regarding the government’s metaverse support measures, Chairman Wi pointed out that “the Ministry of Trade, Industry and Energy once announced a pilot project to build a virtual reality shopping mall in 2017, but it disappeared after data came out.”


Regarding NFT or virtual currency, Chairman Wi emphasized, “It is necessary to implement policies that are viewed as objects of use, not as objects of speculation. Most importantly, virtual assets can survive only when combined with real economic and social life.”

Regarding the regulation of P2E (Play to Earn) games, he also said, “We should completely cut off from gambling controversies such as probability items, and approach them to secure social safety nets, not deregulation.”

In the ensuing discussion, various proposals were made on how to introduce metaverse and blockchain.

Lee Ju-sik, head of the digital content division of the Ministry of Science and ICT, said, “I think regulations are one of the reasons why new industries such as metaverse have appeared in the past and have not grown.”

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