Seoul Plans to Create Its Own Cryptocurrency, and Provide Support for Local Blockchain Projects
South Korean city Seoul plans on developing its own cryptocurrency called “S-Coin,” mayor Park Won-soon announced in an interview with CoinDesk Korea. The coins will be used to pay for city-funded programs supporting social benefits, public transportation, and environmental improvement, all to be introduced in April 2018. The city will also be setting up a fund to support the growth of local blockchain projects.
“As Seoul is the world’s leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains,” Won-soon said.
This announcement is part of a larger initiative to invite cryptocurrency and blockchain projects to thrive in the city. South Korea recently announced that it will be implementing new taxation framework for digital currencies by June. In November 2017, the Seoul Metropolitan Government collaborated with Samsung SDS to develop a blockchain technology-based platform for welfare, public safety, and public transportation by 2022.