Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.

Start Earning Interest
Ad: Bybit - Stake your tokens with ease and enjoy guaranteed daily yields. Stake now!

Barbados to establish a virtual embassy within Ethereum dApp Decentraland

The Caribbean nation is primed to become the first sovereign nation with an embassy in the metaverse.

Barbados to establish a virtual embassy within Ethereum dApp Decentraland
Bybit

Barbados is primed to become the first sovereign nation with an embassy in the metaverse. The Barbadian Ministry of Foreign Affairs and Foreign Trade signed an agreement on Sunday with Decentraland.

The Caribbean nation will also formalize agreements with Somnium Space, SuperWorld, and other Metaverse platforms. This will allow them to legally declare their digital real estate as sovereign land.

The Ministry of Foreign Affairs, The Ministry of Science and Technology, and many other governmental bodies reviewed the plans over the last number of months.

The government will be working with various projects to identify and purchase land, architect the virtual embassies and consulates, develop facilities to provide services such as โ€œe-visasโ€ and construct a โ€œteleporterโ€ that will allow users to transport their avatars between the various worlds.

The country has also retained legal counsel, as the embassy will set a number of unique precedents. So far experts have said that the embassy will be compliant with international law as well as the Vienna Convention.

With the release of the embassy, tentatively scheduled for January, Barbados will become the first country in the world to recognize digital sovereign land.

Quadency

CryptoSlate Newsletter

Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis
Price snapshots
More context
Join now for $19/month Explore all benefits
Posted In: NFTs, Regulation
bybit