Barbados has partnered with Decentraland and plans to reach out to other digital worlds as well.
In the future, the government of that country wants to provide services such as an electronic visa.
Barbados, an island located in the eastern Caribbean, in Central America, will establish the first embassy of a country in the metaverse. With the launch of this virtual public body, planned for January 2022, it will become the first state in the world to recognize the sovereignty of digital lands.
As published by the CoinDesk portal, the Ministry of Foreign Affairs and Foreign Trade of Barbados signed an agreement with the Decentraland company, one of the most recognized in the digital world. In addition, they also work to partner with firms such as SuperWorld and Somnium Space, among others.
These companies will collaborate with the Barbadian Embassy for the purchase of land, the creation of institution buildings and the development of services within the digital world. Regarding the latter, it is planned to offer in the future services such as “electronic visas” and teleportals for users to take their avatars from one world to another.
Barbados is an island nation of barely 430 square kilometers in size, located in eastern Central America, near South America. It has just over 279,000 inhabitants, has English as its official language and lives mainly from tourism and the production of sugar for export. The official currency is the Barbadian dollar.
According to what was reported by national official authorities, this arrival at the metaverse does not violate any international treaty or the Vienna Convention. The country did its homework and took legal advice in this regard, since it would be setting a precedent hitherto unprecedented in all history.
Gabriel Abed, Barbados’ ambassador to the United Arab Emirates, said in dialogue with the aforementioned media that the country’s idea is to acquire properties in various digital worlds. “The metaverse is still young and very new, so we want to make sure that what we build is transferable between metaverses,” said Abed.
A country related to cryptocurrencies
For several years now, Barbados has shown itself as a pro-cryptocurrency country. For example, as CriptoNoticias reported, in 2015 the country’s Central Bank had published a report in which there was talk of the possibility of using bitcoin as a store of value. And they weren’t so wrong: at the time, the coin was trading at just $ 377, 0.56% from the current price, which according to CoinMarketCap is $ 60,386.
One of the factors that drives Central American countries to look favorably on cryptocurrencies is the rating of international banking entities, which consider these islands as tax havens. As explained in previous publications, this translates into higher interest to access loans or, directly, the inability to do so.
In this way, cryptocurrencies emerge as a decentralized and free alternative for the economic development of these nations and their inhabitants. This is how Barbados sees it, which although it cannot physically expand its borders, it is preparing to “conquer” the virtual world.