Seoul, South Korea, plans it own S-Coin crypto

Coin would be part of wider plan to integrate blockchain innovations into local government. 

Apparently taking a leaf out of Hull’s book, Seoul – South Korea’s capital – is planning to launch its own cryptocurrency “to be used in city-funded social benefits programs”. , says its mayor.

Talking to CoinDesk Korea, the city’s Mayor Park Won also touted plans to create funds that will help blockchain tech startups.

“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 was quoted as say in the site’s translation.

The article also covers how Seoul is attempting to bring blockchain tech into the day-to-day running of the city’s government. It quotes the Mayor as saying 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.”

The implementation of S-Coin would, however, require a change in the law. With South Korea’s national government bringing in regulation for the sector, after rumours that it would institute a ban had caused a backlash.
“In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws,” the Mayor added.

 

“The last time the Ministry of Justice announced regulatory measures,” he continued, “there was tremendous resistance, and the government seemed to think deeply about it.”

You can read the translation of his comments here.