Mayor Park Won-soon says that Seoul, the capital of South Korea is developing its own cryptocurrency, tentatively named as S-Coin, which would be used in the city-funded welfare program.
Hankyoreh, the news outlet reported on March 30 that the mayor of Seoul, Park Won-soon has confirmed his purpose to launch South Korean capital’s own cryptocurrency and spread a dynamic environment for the advancement of blockchain and cryptocurrency projects in the city.
Park told CoinDesk Korea that S-Coin would be the cryptocurrency that could be in use as a payment mechanism in the capital of South Korea to finance public welfare programs.
Reason to issue its own “native currency”
S-Coin will be in use for public transportation
It can be used as a payment method for city-funded programs and environmental development.
It remains vague about the use of the blockchain and regarding the total supply of the S-Coin.
By the end of April 2018, the city will set a regulatory guideline along with a Blockchain master plan. Additionally, the mayor aims to launch a public fund to help improve blockchain technology and raise related startups.
In a recent interview with Coindesk Korea, the mayor unveiled that
“As Seoul is the world’s leading city in the field of information and communications, including the 4th industrial revolution, I think it should naturally study new technologies such as blockchains. … In order to make an S coin, we must prepare institutional and legal backing such as ordinances.”
The Park also said that there’s need to change the laws governing cryptocurrencies. Furthermore, he foresees to encourage a blockchain ecosystem, stating:
“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 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.”
Some of the local sources report that S-Coin will be introducing the month of April 2018. Undoubtedly, the imminent launch of this currency will magnetize a lot of attention. The introduction of the S-Coin is somewhat exciting.
Hence, S-Coin is impose by a ban in functionality to Seoul and will not compete with other cryptocurrencies.
Image Source: S-Coin