Our weekly roundup of news from East Asia summarizes the industry’s most important developments.
South Korea invests another $51 million in Metaverse technology
South Korea’s plan to take down the Metaverse is accelerating. The three groups will invest a total of 27.7 billion Korean won ($21 million), according to his March 8 document prepared by the Ministry of Science and Technology, the National Information and Communication Industry Promotion Agency and the Korea Radio Association. Metaverse projects across 13 sectors including healthcare, tourism and education. His one example use case concerns telemedicine in the metaverse.
“We will set up a virtual counseling space to provide mental health recovery and promotion services through professional psychological counseling, healing content, and community activities.”
On the same day, South Korea’s Ministry of Science, Technology and Information also announced the creation of a 40 billion won ($30 million) Metaverse fund managed by a local investment management firm. He pointed out the need to nurture domestic metaverse-related companies, expand their business areas and scale, and make them on a scale that can compete with global companies.
Mt Gox final billing deadline
Mt Gox creditors have until April 6 to complete registration to receive repayment, the trustee of the bankrupt Japanese cryptocurrency exchange announced March 9. It had been stolen through years of careful hacking and siphoning of customers’ Bitcoins (BTC). The exchange has since recovered around 200,000 BTC. Funds are entrusted for creditors, with 162,106 BTC ($3.49 billion) stored in his Token Unlock tracked wallet address.
Over the years, trustee Nobuaki Kobayashi and the Japanese Bankruptcy Court have repeatedly extended the registration deadline. This is probably due to the huge number of affected users worldwide and the manual processing required for all individuals involved during such legal proceedings. procedure.
Everyone seems fine and is really fed up with the 9 year bankruptcy process and just wants their money back (or move on to the next case in the backlog of judicial proceedings). Kobayashi writes that those who miss their deadlines are out of luck.
“Please note that it will be difficult to extend the deadline any further unless there is an unavoidable reason for early repayment to rehabilitation creditors.
Bitcoin was worth around $580 at the time of the Mt. could have been. Many users may get a positive “return on investment” even considering the fact that the repayment is only a partial payback.
Tencent Shuts Down NFT App
According to an in-app message posted on Chinese internet giant Tencent’s NFT platform Huanhe, users have until June 30 to apply for a refund before the app goes offline completely. Dubbed “China’s first digital collection app,” Huanhe launched in August 2021 and featured traditional and contemporary Chinese concept art, video, audio, photography, and 3D models. However, Tencent suspended all activity on his app on July 1st.
The company hasn’t explicitly stated why, but some users speculate that NFT sales volumes didn’t meet expectations. The app also did not offer a secondary market where users could buy and sell merch, nor a feature that allowed users to gift their girlfriend NFTs to others. On Tencent’s official app store, Huanhe has recorded 134,000 downloads since its launch.
Thai Government Sacrifices $1 Billion To Boost Crypto Industry
According to a Reuters report on March 7, Thailand’s cabinet has approved a plan to exempt companies that issue digital tokens for investment from corporate income tax and value-added tax. Incentives companies to raise capital using investment tokens in addition to the more traditional methods of
The Thai government expects around THB 128 billion ($3.71 billion) worth of investment tokens to be issued over the next two years, and the new measures are expected to generate around $1 billion in tax revenue. Cryptocurrencies have gained popularity in Thailand since the Securities and Exchange Commission began regulating digital assets. Still, the country’s central bank and other regulators have banned the use of digital assets as a means of payment.
Canaan’s Bitcoin ASIC Sales Drop
On March 7, Chinese bitcoin mining equipment maker Canaan announced its financial results for the fourth quarter and full year of 2022. During the final quarter of 2022, Canaan posted his 391.9 million yuan ($56.8 million) in sales, down 59.9% from the previous quarter. The company believes the ongoing crypto winter is responsible for the decline.
For the full year, Canaan’s revenue fell from 4.986 billion yuan ($715 million) in 2021 to 4.378 billion yuan ($635 million) in 2022.
Going forward, the company expects total installed mining computing power to be approximately 5 exahash per second (EH/s) by the end of the quarter. The Bitcoin network currently has an all-time high hash rate of around 250 EH/s.
Canaan has also established strategic partnerships with two data center companies, which are expected to provide stable and cost-effective hosting solutions for their expanding mining business. For the first quarter of this year, Canaan expects total net revenue to improve slightly to his 450 million yuan ($65 million), but continues to cite tough business conditions.