Japanese Tech Companies Sign Agreement on the Creation of the Japan Metaverse Economic Zone

Several renowned tech companies in Japan, a country widely popular and respected for its traditional tech industry, today agreed to proceed with establishing the Japan Metaverse Economic Zone.

The primary goal of the agreement is to create an open metaverse infrastructure called Ryugukoku, which is expected to spearhead the metaverse’s next phase of development, and lead to the establishment of the Japan Metaverse Economic Zone.

Companies that have agreed to it will combine their respective technologies and services to create Ryugukoku, an infrastructure that combines the latest information and communication technologies, fintech, and gamification.

Thanks to this open metaverse technology, users and developers will have access to interoperable tools across multiple platforms. This technology will not only help businesses with their digital transformation, but it will also serve as a new social infrastructure.

The availability of diverse metaverse services and platforms with interoperability for Japanese users will result in the establishment of an ecosystem, the Japan Metaverse Economic Zone. The agreement also covers the possibility of providing comparable infrastructure to companies and governments beyond Japan in the future.

Fujitsu, Mitsubishi, and TBT Lab are among the Japanese companies that have signed this agreement.

The financial technology industry in Japan is a major focus of Japanese authorities. On February 1, the country’s prime minister authorized Non Fungible Tokens (NFTs) and decentralized autonomous organizations (DAOs) to aid the administration’s Cool Japan plan.

Last week, the Bank of Japan (BOJ) announced its Central Bank Digital Currency (CBDC) pilot program, which will begin in April 2023. During the last two years, the BOJ has tested the feasibility of creating a digital yen for the country.

Shinichi Uchida, executive director of BOJ, stated that the organization would develop better methods for utilizing digital currency. He emphasized the importance of starting the process gradually and keeping the private sector informed of any developments.

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