South Korea Capital Considers Launching Its Own Cryptocurrency S-Coin
Even though the South Korean markets have been hit with strict regulatory measures from the beginning of 2018, the latest report shows that the country’s capital ‘Seoul’ is planning to launch its own cryptocurrency called S-Coin.
This announcement was recently made by Seoul Mayor Park Won-soon during an interview to CoinDesk Korea where he stated that the cryptocurrency could be used to compensate private contractors and fund public welfare programs in the city. It can also be used for rewarding public employees and citizens working for environment preservations by saving resources like water, gas and electricity.
However, in order to accomplish this crypto project, Park explicitly stated that the laws governing cryptocurrencies need to be changed first. "In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws," he said.
He further suggested of easing up strict policies for cryptocurrencies in the country and creating a more crypto-friendly environment in the country. Park said: "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."
Further, no more details regarding the development of S-Coin were discussed but Park emphasized a lot on the use of blockchain technology and how it can help bring a lot of transparency to provide several services to the people of Seoul.
"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,” said Park.
Park further stated that "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.”
Park also said that is in talks with several big corporations in order to promote the blockchain ecosystem. He said: "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.”
Seoul plans to get completed with its blockchain project by this month of April. Seoul has been actively involved in the past taking several blockchain initiatives and working on it. Last year in November 2017, the city collaborated with Samsung SDS who would help it in creating “an information strategy plan (ISP) for blockchain-based municipal innovation.”