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Seoul Mayor intends to launch capital’s cryptocurrency

The mayor of South Korea’s capital city aims to launch cryptocurrency named ‘S-coin’, and hopes to do what it takes to establish a better ecosystem for blockchain technology and startups in Seoul.

Park Won-soon, the mayor of the South Korean capital, has announced his aim to launch Seoul’s own cryptocurrency. Reported by a local news outlet, Hankyoreh, he stated that this is in the hopes that the city will offer a better environment for Blockchain technology and digital currency development.

The mayor publicized that he would be pursuing the development of Blockchain-oriented industrial masses and startups in order to work towards building Seoul’s own cryptocurrency – dubbed the ‘S coin’ and he is prepared to help form the essential official and legal foundations to direct this goal and turn it into a reality.

Confident in Seoul’s capacity to successfully achieve this, Park said that the city “is the world’s leading city in the field of information and communications, including the 4th industrial revolution” and he thinks that they “should study new technologies such as block chains.

Using Estonia – who are attempting to implement blockchain technology to work through administrative procedures – as a case to follow, the mayor believes that “blockchains can be applied to all administrations in Seoul such as the public transport system operated by Seoul City and the provision of youth allowance.”

The Seoul Metropolitan Government, together with Samsung SDS, have been working together to establish an information strategy plan (ISP) for the municipal innovation which will be based on the blockchain technology since November last year.

Park seems to hold a humanitarian approach in his hopes that this will nurture an ecosystem where Blockchain will flourish, saying “I think our companies are not seeing the light because of the various regulations, but the actual technology is as advanced as any other country“.

He concluded by commenting on the country’s firm cryptocurrency related policies, acknowledging that the “last time the Ministry of Justice announced regulatory measures, it was a tremendous resistance”,  but he has hopes that a strategy to ease into a less harshly regulated environment might be possible: “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.

This is a particularly interesting development as Choi Heung-sik – the director of South Korea’s Financial Supervisory Service – reported in February that the government is in support of ‘normal’ cryptocurrency transactions in February.

The city’s blockchain master plan is expected to be completed this month, and we have yet to see how and when exactly it will be implemented.

Posted: Apr 03, 2018 Author: Becky Leighton Categories: Adoption