The mayor of Seoul, Park Won-soon, has declared his plans to launch South Korean capital’s own cryptocurrency to be named as ‘S Coin’. This would be followed by creating a better platform and providing good environment for the development of Blockchain and digital currency projects in the city.
It was on March 22nd, when the announcement by Park went public worldwide. Park firmly stated that he would pursue the creation of Blockchain-oriented industrial clusters and startups and work towards the development of ‘S coin.’ To achieve this goal, he will aid and provide best of his support to the necessary institutional and legal foundations. He said,
“As Seoul is the world’s leading city in the field of information and communications, including the 4th industrial revolution, I think it should naturally study new technologies such as blockchains. … In order to make an S coin, we must prepare institutional and legal backing such as ordinances,”
Following Estonia’s lead in its Blockchain-based project to help transition the country’s society into a digital environment, Park told how technology can be leveraged in administrative projects of Seoul, such as public transportation and electricity, water and gas infrastructure management.
Park also spoke about the Korean government’s strict policies in regards to cryptocurrency, suggesting the possibility of a more free regulatory environment in the future.
“The last time the Ministry of Justice announced regulatory measures, it was a tremendous resistance, and the government seemed to think deeply about it. First, 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.”
Measures to smoothen the Seoul economy by taking initiatives to improve the technology is definitely an exemplar piece of news that more governments need to follow.
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