Seoul will have its own cryptocurrency

Seoul will have its own cryptocurrency

Local newspaper Hankyoreh reported that Park Won-soon, mayor of Seoul announced its intention to launch its own crypto currency and create a more favorable environment for the development of projects blockchain and digital currency in the capital of South Korea.

Park made a public announcement on March 22, and stated that his intention includes the creation of industry clusters and start-UPS focused on blockchain, and develop their own cryptocurrency called S coin in Seoul:

Because Seoul is the leading city in the world in the field of information and communications and is in the vanguard of the 4th industrial revolution, I think we have a responsible approach to the development of new technologies such as the blockchain… in order to start coin S, we need to prepare the institutional and legal support.

The practice believes that potentially the technology could be used in various fields of municipal activity: management of public transport, electricity, water and gas infrastructure.

Hankyoreh reports that more initiative will be presented in April of this year.

Park also commented on the policy of the Korean government in relation to cryptocurrencies, suggesting the possibility of a freer regulatory framework in the future:

The last time the Ministry of justice has announced its intention to ban the cryptocurrency, the reaction of the citizens was sharply negative. First, the task of local government is to create precedents and models. If the Seoul city government will establish certain rules, this area can become more free from regulation.

In November 2017, the government of Seoul announced its partnership with Samsung SDS to develop an information strategy for municipal innovation in Seoul, based on the blockchain technology, which should become fully effective by 2022. The strategy is focused primarily on welfare, social security, transport services and increasing the transparency of public services.

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