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Date: 17 Nov, 2021
Source: Invest Barbados

Barbados is taking the meaning of “going digital” to a whole new level!

Now in the preparation stages of adding yet another first to its list of achievements, the Caribbean nation is currently setting plans in motion to establish a metaverse embassy.

Having recently signed an agreement with Decentraland, one of the largest and most popular virtual destinations for digital assets, Barbados’ Ministry of Foreign Affairs and Foreign Trade is also seeking to finalise an agreement with other metaverse platforms such as Somnium Space and Superworld.

This new and exciting initiative, which is tentatively scheduled to be launched in January next year, will include identifying and purchasing land, developing facilities to provide services such as “e-visas”, architecting the virtual embassies and constructing a “teleporter” that will allow users to transport their avatars between the various worlds.

According to Barbados’ Ambassador to the United Arab Emirates, H.E. Gabriel Abed, who is leading the country’s metaverse diplomatic efforts, “…This allows us to open the door, using technology diplomacy which then extends to cultural diplomacy – the trade of art, music and culture.” Ambassador Abed is also establishing Barbados’ first physical embassy in the Middle East in addition to the 18 diplomatic missions which the jurisdiction already has operational across the globe. Click here to read full article. Also, view the video below to learn more about the metaverse embassy.

Barbados is a Caribbean leader in blockchain technology with fintech being one of the many key sectors on which the government’s economic development agency, Invest Barbados, has placed a strategic focus for attracting investment. As the diplomatic missions expand, so too have the markets which Barbados is targeting for investment. In addition to the traditional markets of Canada, USA and the UK, Invest Barbados has expanded its promotional activities to include Latin America and Asia, as well as the emerging markets of Africa and the European Union.