South Korea’s capital Seoul to launch its own cryptocurrency

The capital of South Korea, Seoul is developing its own cryptocurrency called the S-coin. which will be used in the city-funded social benefits programs.

CoinDesk Korea reports that Park Won-soon, the mayor of Seoul announced the plan to create a cryptocurrency “S-coin” that can be used in the city and he also revealed that the city will create a fund to support the advancement of blockchain technology and related startups.

Park said

“As Seoul is the world’s leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains,”

He thinks that

“block chains can be applied to all administrations in Seoul such as the public transport system system operated by Seoul City and the provision of youth allowance”

CoinDesk also reports that Park is one of the most influential politicians in Korea and is most interested in this technology and wants to create a healthy blockchain ecosystem. He says:

“I’ve met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, [the] technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world.”

The S-coin can be used as a payment method for city-funded welfare programs for public employees, young jobseekers and citizens helping the environment by saving electricity, water, and gas.

South Korea has been one of the largest and the most enthusiastic markets for cryptocurrencies. It is clear that they want to remain in the forefront of this revolutionary technology, South Korea also recently announced that they will be releasing the tax framework by July. We are going to see other governments also following these steps and releasing state-backed cryptocurrencies and it will interesting to see the adoption and implementation of this technology.

Pomp tweeted:

Souce: Coindesk Korea

https://www.coindesk.com/south-koreas-capital-is-planning-to-launch-its-own-cryptocurrency/

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