Report Reveals Global Trends and Online Discourse on Crypto Travel Rule

Gyeonggi Content Agency Partners with The Sandbox to Foster Metaverse TalentThe Gyeonggi Content Agency (GCA) is teaming up with global metaverse platform The Sandbox to recruit participants for the “2023 Northern Gyeonggi Cultural Creation Hub: Metaverse Creator Training,” aimed at cultivating specialized experts in the field of the metaverse.Photo by GuerrillaBuzz on UnsplashA space for creators within the metaverseThe training program focuses on nurturing creators who will be active in The Sandbox Metaverse platform. Participants will be trained in The Sandbox’s metaverse content creation tools, namely VoxEdit and Game Maker.The Sandbox also plans to allow anyone and everyone to publish and offer the content they create in the LAND — the platform’s virtual real estate space for interacting and showcasing creativity — by the end of this year.“The Northern Gyeonggi Cultural Creation Hub is a regional hub for support and entrepreneurship in design and content convergence. Through various support programs that implement education, mentoring, and startup funds, we are taking the lead in promoting a startup ecosystem with design and storytelling,” said Tack Yong-seok, director of the GCA.About the training programApplications for the program can be submitted through The Sandbox’s official Naver Cafe and the Gyeonggi Cultural Creation Hub’s online portal until August 27. The opportunity is open to anyone interested in pursuing a career as a metaverse creator.The free training course will take place over eight weeks, from September 2 to October 27, at the Northern Gyeonggi Cultural Creation Hub located in Uijeongbu, Gyeonggi Province. Training sessions will be held every Saturday, the GCA explained.“Since 2022, we have collaborated with partners both online and offline to train over 500 creators. We will expand offline education in regions that have had relatively fewer opportunities for metaverse training,” said Cindy Lee, CEO of The Sandbox Korea.

Late Korean artist Lee Jung-seob’s ‘Bull’ NFT on auction at OpenSeaNFT marketplace OpenSea is hosting an ongoing auction for a digital representation of the painting “Bull” by the late Korean artist Lee Jung-seob, Yonhap News TV reported on Tuesday. Celebrated for his distinctive lines in his paintings, Lee passed away in 1956. This auction is set to conclude on Dec. 12, with the starting bid placed at 300 WETH (Wrapped Ethereum), which is approximately equivalent to $626,000.Photo by Hans Eiskonen on UnsplashWhite bull as NFTLee’s “Bull,” featured in the OpenSea auction, is distinguished by its depiction of a white bull set against a dark green background. This particular piece is one of Lee’s unpublished works and is currently being offered for sale by a private art collector. Regarding the authenticity of the painting, the description on the OpenSea page states, “This work received a handwritten evaluation from Professor Jung Jum-sik, a founding member of the Lee Jung-seob Art Award, on November 9, 2000.”The current owner of the original artwork has expressed their intention for auctioning it as a desire to share a valuable piece of art. The painting originally belonged to poet Ku Sang and has since changed hands multiple times, experiencing some damage along the way. While the copyright for an artist’s work typically remains with their inheritors for 70 years posthumously, in the case of Lee Jung-seob, this period has already lapsed.Authenticity and NFT investmentsMeanwhile, art appraisal experts are advising caution, emphasizing the need to first confirm the authenticity of the original painting. This caution stems from the fact that the painting has not undergone evaluation by an official appraisal organization.During his interview with Yonhap, Jung Jun-mo, CEO of Korea Art Authentication Appraisal Inc., offered a word of caution regarding investment in NFTs tied to artworks with questionable authenticity. He emphasized that NFTs representing works that lack genuine authentication also hold no value in terms of authenticity. Jung advised potential investors to thoroughly verify the legitimacy of such artworks before proceeding with any investment in their NFT representations.Last year, many paintings of modern Korean artists were converted into NFTs, but they sparked controversy over issues of authenticity. Experts in art investment have since been advising thorough research prior to making any investments in these digital assets. They warn that losses incurred from transactions involving these NFTs fall squarely on the investors.

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.