Seoul, South Korea to Launch S-Coin

The capital of South Korea is planning to launch its own cryptocurrency called S-Coin to be used for its social benefits programs.

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Seoul mayor Park Won Soon announced in an interview with CoinDesk Korea that the South Korean capital would be creating a cryptocurrency of its own as well as create a fund to support blockchain tech development.

In the interview, Park said:

“As Seoul is the world’s leading city in the field of information and communications…I think we should study new technologies such as blockchains.”

Park believes that blockchain could be and should be applied to government admin processes in the city. The respective cryptocurrency, S-Coin, will be used as a payment option for the city’s welfare programs.

Regulations on the technology may lead to some hindrances for the project. Park says:

“In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws.”

He mentioned that he has met up with several blockchain companies and believes that allowing them thrive and develop new technologies would bring about technological development in the blockchain industry around the world.

With less stringent regulations in the city, the plan may materialize soon. The South Korean capital is expecting the plan to be completed within this month.

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