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South Korea’s Capital to Launch Its Own Cryptocurrency

South Korea's Capital to Launch Its Own Cryptocurrency

The capital of South Korea, Seoul is planning to launch its own cryptocurrency the ‘S-Coin’ which will be utilized in city-backed social programs, as stated by the mayor of Seoul.

Mayor Park Won-soon announced his plans and interests in the blockchain technology in an interview with Coindesk Korea.

He says that he looks forward to creating a blockchain-friendly environment in the city by pursuing the creation of blockchain-based startups and developing Seoul’s own cryptocurrency.

“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 said.

He even aims to create a support fund for the progress of blockchain technology, startups and cryptocurrency.

“In order to make an S-Coin, we must prepare institutional and legal backing such as ordinances,” Mayor Park said.

Seoul is following Estonia in this matter as Estonia is also working on a government-backed digital currency ‘Estcoin’ to transition country’s environment into a digital one.

Park said that he wants blockchain technology to be used in all administrative processes of Seoul. He believes that the “blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system operated by Seoul City and the provision of youth allowance.”

Moreover, Park also suggested that the S-Coin could also be used for city-funded social welfare programs that could help needy citizens, job-seeking youngsters and public employees.

Talking about the strict South Korean laws for cryptocurrency regulation, Park said that the policies need to be changed to create a blockchain ecosystem in future.

“The last time the Ministry of Justice announced regulatory measures, it was a tremendous resistance, and the government seemed to think deeply about it. First, it is the local government’s task to create cases and models. If the Seoul government releases certain regulations, it will be able to make the model more freely.”

He said that “in order to make an S-Coin, we need to prepare institutional and legal support such as bylaw.”

“I will try to change the various laws and regulations of the central government.”

It’s not the first time that the Seoul government has shown likeness for blockchain technology and cryptocurrencies, in fact, this project is a part of the wider blockchain masterplan for the city that is expected to be completed this month.

In November last year, the Seoul Metropolitan Government hired Samsung SDS to create an information strategy plan (ISP) for Seoul’s blockchain-based municipal innovation. The project is to be completed by 2022 and is focused on public welfare, safety and transportation.

Seoul is the first ever South Korean city to develop a scheme for introducing blockchain tech.

Also Read: London Block Exchange and Uphold add support for Ripple (XRP)

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