South Korea Begins to Fulfill President Elect’s Pledge to Bolster the NFT Ecosystem – Bitcoin News

An announcement by South Korea’s Ministry of Culture, Sports and Tourism appeared to fulfill incoming President Yoon Suk-yeol’s pledge to bolster the metaverse ecosystem after saying it will adopt a non-fungible token (NFT) copyright policy.

The Metaverse Ecosystem: Supporting

The South Korean government appeared to fulfill president-elect Yoon Suk-yeol’s campaign pledge after the Ministry of Culture, Sports and Tourism announced on April 12 that it will adopt an NFT copyright policy. The copyright policy will help South Korea combat the menace of fake NFTs and support the metaverse.

According to a report by Ajunews, Yoon Suk-yeol had during his election campaign promised to “nurture a new concept digital asset market through NFT activation.” In addition, the incoming president had said he would revitalize the token economy once he was elected.

Indeed, following the April 12 announcement, South Korea’s government — via the Ministry of Culture, Sports and Tourism — unveiled an order for “metaverse/NFT-related copyright issues research service.” At the same time, the ministry is presently preparing for what the report called “the selection of a company and the formal contract process.”

NFT Copyright Problems – Solved

Ajunews reported that the Presidential Transition Committee (ministry) is currently studying policies regarding NFTs.

“It is a stage where we are continuously discussing the NFT policy with the takeover committee,” explained an unnamed official from the ministry.

According to the official, the goal of the efforts was to make sure that South Korea has solutions for copyright issues that could arise from NFTs.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.