Seoul Intends to Set Off Its Own Crypto-Coin

Seoul Intends to Set Off Its Own Crypto-Coin

Despite the fact the government of South Korea overall tries to be strict with cyber money, as since the end of January it prohibited the use of anonymous accounts for crypto trading, there’s no way one can get away with the crypto craze in this country.

Last week, the mayor of Seoul Park Won-soon heralded that South Korean capital is going to set off its own cyber-coin. Currently, Seoul is developing the currency, which is to be named “S-Coin,” CoinDesk Korea reported.

S-Coin Like No Other Coin

According to the report, this coin will not be a typical cyber-currency used for trading as that’s an end in itself. On the contrary, S-Coin is expected to be utilized in social gratuities programs, provided by the city.

In particular, the mayor said that the coin could be used for paying for welfare programs, which are funded by Seoul. These programs are normally related to public workers and young adults looking for a job. Moreover, the coin will be utilized for programs, which assist Seoul residents in protecting the environment by saving water, electricity as well as gas.

However, the implementation of this idea is not possible unless respective laws are altered. Hence, the creation of S-Coin requires institutional and legal back up in the form of rules.

These are the details, revealed by Seoul’s mayor in a conversation with the CoinDesk’s journalist. Won-soon also added that apart from the virtual coin the city will also launch a fund for backing up the development of blockchain tech trend and startup, based on it.

New Applications On The Horizon

Won-soon strongly believes that South Korea’s capital is the top city in the world when it comes to communication as well as info. Therefore, according to his words, the city should observe blockchain and other emerging technologies.

He assumed 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." This very much resembles the efforts of Estonian gov’t to utilize distributive ledger technologies in the field of government administration.

Won-soon Doesn’t Like Regulations?

The mayor of Seoul believes that blockchain enthusiasts cannot reach their full potential given current regulations they are facing from the South Korean gov’t. But he thinks that instead, Seoul can establish pockets that will permit projects, related to the blockchain, to flourish. The task for local regulators, the mayor said, is to assist such projects, whereas the general gov’t has to limit them.