South Korea plans Seoul Cryptocurrency S-coin, as city’s mayor, Park Won-soon has revealed that the city looks into creating a fund to support the improvements of Blockchain technology and startups in this sector.
3 April, AtoZForex – The South Korean city of Seoul has informed the public about its plans to develop its very own cryptocurrency, called the “S-coin”. The digital currency is about to be utilized in the city-funded social benefits programs, according to the mayor of the city.
South Korea Plans Seoul Cryptocurrency S-coin
Park Won-soon, the mayor of Seoul, has announced the plan last week, as he also has revealed that the city looks into creating a fund to support the improvements of Blockchain technology and startups in this sector. He has stated:
“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.”
Just like in case with Estonia, which plans to apply Blockchain technology to all the government administrative processes, Mr. Park believes that the “blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system system operated by Seoul City and the provision of youth allowance.”
In addition, Mr. Park has stated that the S-coin can be successfully used as a payment method for city-funded welfare programs. This could be applied for public employees, young job seekers and citizens, who aims to help the environment by saving electricity, water and gas.
S-coin Impact on Crypto Regulations
In order to achieve this, Mr. Park has stated that the laws managing cryptocurrencies will need to be amended. He has been quoted as saying:
“In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws.
I’ve met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, 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.”
Additionally, this plan emerges as a part of a bigger Blockchain masterplan for Seoul. Back in November 2017, the city of Seoul has hired Samsung SDS to aid in establishing an information strategy plan (ISP) for blockchain-based municipal innovation.
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