Yes, South Korea’s capital, Seoul, is planning to launch its own cryptocurrency known as the “S-Coin.” Apparently, the cryptocurrency would be used to pay for benefits programs and other city-related expenditures. In the past, South Korea has attracted the attention of the media due to the strict regulations imposed to the cryptocurrency market.
Seoul Creates its Own Cryptocurrency
During an interview with a South Korean news outlet, Mayor Park Won-soon explained the plan to create this cryptocurrency. He explained that the city will also create a fund in order to support blockchain technology and other similar stat-ups.
Mr Park Won-soon explained:
“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 blockchain.”
Furthermore, Park explained that blockchain technology could be used in many administrative processes in the public administration. He believes that blockchain could be implemented in different areas like the public transport system that is operated by Seoul City.
The S-Coin could be also used to pay for welfare programs related to public employees, young job seekers and other citizens that help the environment saving energy.
In order to allow S-Coin to be a reality, Mr Park said that the current laws regarding cryptocurrencies should be modified or changed. There should be another institutional and legal framework, he explained.
He has also commented:
“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 advance 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.”
South Korea is one of the most active countries in the virtual currency market. Many enterprises, ICO founders, and technological disruptions take place in this Asian country. Seoul is trying to change the legal framework that governs cryptocurrencies in the country and will try to implement its own virtual currency.