Seoul to Launch Its Own Cryptocurrency

Seoul Cryptocurrency

The mayor of Seoul, Park Won-Soon expressed that the South Korean capital is planning to launch its own cryptocurrency, the “S coin”, according to an interview on March 22 with Coindesk.

Park Won-Soon told Coindesk that he believes blockchain technology could be implemented to the whole administrative system in Seoul, as Estonia is currently trying to implement it within its governmental system.

“Blockchains 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,” mentioned the mayor.

“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 added.

However he thinks it is necessary to have a framework that is regulated by autorities for the blockchain to be successful explaining that “in order to make an S-Coin, we need to prepare institutional and legal support such as bylaws,” he expressed. “I will try to change the various laws and regulations of the central government.”

The mayor of Seoul also expressed that the “S Coin” could bring many economic benefits, as it “could 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.”

He thinks that a regulatory environment will help blockchain and other technologies become massively adopted.

“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.”

In April 2018, the project is expected to be finished and ready to be implemented.

There was another important announcement in South Korea concerning cryptocurrency, as Huobi announced that it had opened its cryptocurrency trading platform in South Korea.

 

 

 

 

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