If Seoul Mayor Park Won-soon has his way, South Korea’s capital will become the largest city in the world to have its own cryptocurrency.
Running for re-election this year, Park has announced that he plans on launching the city’s own cryptocurrency, tentatively named S-coin. One of the applications of S-coin could be for welfare programs funded by the city.
The mayor revealed his project in an interview with Coindesk Korea:
“As Seoul is the world’s leading city in the field of information and communications, including the 4th industrial revolution, I think we should study new technologies such as block chains…block chains can be applied to all administrations in Seoul such as the public transport system system operated by Seoul City and the provision of youth allowance.”
Park underlines the importance of having rules and regulations in relation to S-coin. To that effect, legwork is already being done in order to prepare for the launching of S-coin. The mayor’s administration is looking at both institutional and legal support that will result in concrete bylaws applicable to S-coin.
Furthermore, Park aims to nurture a blockchain ecosystem, focusing especially on blockchain startups. In spite of the rather strict government policy with regards to the niche, the mayor believes that he can make it happen in Seoul.
This is not exactly new territory for the city. In November last year, the Seoul Metropolitan Government was commissioned to initiate the creation of a roadmap for blockchain-based municipal innovation. The blockchain masterplan, which is expected to cover S-coin, is slated to be released this month.