South Korea’s capital, to create its own cryptocurrency

South Korea is one of the most active countries in the virtual currency market, and it’s about to become even more so.

 

The mayor of Seoul, Park Won-soon, has recently announced his office’s plans to launch Seoul’s own cryptocurrency to create a better environment for the development of blockchain digital cryptocurrency projects.

“As Seoul is the world’s leading city in the field of information and communications, including the 4th industrial revolution, I think it should naturally study new technologies such as blockchains… In order to make an S-Coin, we must prepare institutional and legal backing such as ordinances,” the mayor said.

The new cryptocurrency would be used to pay for benefits programs and city-related expenditures and possible public services like the public transport system. The S-Coin could be also used to pay for welfare programs for young job seekers and other citizens that help with saving energy and environment.

The announcement followed Estonia’s move last summer to issue a national virtual currency, called Estcoins.

During an interview with a South Korean news outlet, Park also mentioned the potential of using the blockchain technology in all administrative functions of Seoul, such public services include public transportation, electricity, gas, and water infrastructure management.

Mr. Park said, there should be another institutional and legal framework established, some regulations lifted, and current laws regarding cryptocurrencies should be modified or changed: “I’ve met blockchain companies, and I think our companies are not seeing the light because of the various regulations.”

Earlier, in November 2017, the Seoul Metropolitan Government announced its collaboration with Samsung SDS to develop an information strategy plan for the Seoul city’s Blockchain-based municipal innovation by 2022, in particular in welfare, public safety, and transportation sectors. The project is also aimed at increasing transparency for government services.

Currently, Seoul’s task at hand to try to prepare the necessary institutional and legal foundations in the country that will allow the creation of its own virtual currency.

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